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IRS Proposes Changes to Charitable Contribution Rules related to State Tax 信贷s

08-27-2018Tax Information

美国国税局 proposed legislation on Thursday, 8月23日, 2018 that would possibly eliminate your ability to use State Tax credits as an Itemized Deduction on your Federal income tax return. If you believe this legislation will become law, here are some quick considerations for you to make by Monday, 8月27日, 2018. (Yes, you only got 4 days to act)

In Arizona, this proposed legislation would impact donations for state tax credits to:

  • Qualified Charitable Organizations (formerly Working Poor)
  • Public Schools Activity Fees
  • Student Tuition Organizations
  • Military Family Relief Fund
  • Foster Care

Other states may have programs like Arizona to allow such credits.

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2018 Form 1040 to be shorter but with more schedules

06-30-2018Tax Information

美国国税局 is still working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. The 1040 will be two half-pages in length, but moves many items formerly on the 1040 to new schedules.

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President Trump claims tax cuts will benefit the Middle Class Americans

09-28-2017Tax Information

Is President Donald Trump’s statement earlier this month that “the rich will not be gaining at all with this (proposed tax) plan” true?  Will the middle class benefit?

Background

President Trump is looking to overhaul the tax code.  He made remarks prior to a September 13 meeting with members from both parties of Congress.  The president said he wanted to cut the corporate tax rate from 35 percent to 15 percent and lower individual income taxes.

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IRS complies with President Trump’s Executive Order -- will not reject tax returns without health care disclosure

02-20-2017Tax Information

After President Donald Trump issued an Executive Order, the IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, 是免税的, or made a shared-responsibility payment under Sec. 5000A of the Patient Protection and Affordable Care Act (PPACA).

  • The PPACA requires taxpayers who do not maintain minimum essential health coverage for each month of the year and who do not qualify for an exemption to pay a shared-responsibility payment with the filing of their Form 1040, U.S. Individual Income Tax Return.
  • Although the health insurance information requirement has been in effect for a few years, the IRS accepted returns that did not contain the information
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Myths on 信任 Taxation

02-11-2017Tax Information

I periodically get inquiries from individuals who think they can avoid income taxes because they have a trust.  信任s are often very good tools to protect your assets; but not always a good tool for simple tax planning strategies.  信任s generally have much lower deductions, compressed marginal tax rates, and a much lower threshold for the net investment income tax.  Thus, a trust may incur higher income taxes than an individual may pay.

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Some Tax Forms Arizona Department of Revenue are Incorrect

01-31-2017Tax Information

The Arizona Department of Revenue announced on January 30, 2017 that it sent out some incorrect 1099-G forms for 2015 taxpayers that received refunds.

The erroneous forms included information from the 2014 tax year, and did not include the correct information from the 2015 tax year.

You can still file your 2016 income tax return – Please use your actual 2015 tax return if your 1099-G document is different.

Proposed Revisions to Tuition Tax 信贷s and Deductions

08-03-2016Tax Information

The Internal Revenue Service has proposed revisions to tuition tax credits and deductions for individual tax payers.  The changes are meant to be in alignment with the Protecting Americans from Tax Hikes (PATH).

Key things to know:

  • No deduction or credit will be allowed unless there is a 1098-T, Tuition Statement, received from the eligible educational institution.
  • An exception will be made for items not included on the form (e.g. required course materials that qualify for the American Opportunity Tax 信贷)
  • Form 0198-T should be received by January 31 of the following year
  • Reporting will be more specific for qualified tuition and related expenses paid in one year that relate to the academic period beginning in the first three months of the next calendar year.  The prepaid amount would be explicitly stated
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Maximize Your HSA in 2016

02-16-2016Tax Information

With individual income tax season under way, I am seeing a number of clients with a high-deductible health insurance plan and a Health Savings Account (HSA).  Here are some ways to make the most of your money this year.
In 2016, those with individual high-deductible plans can deposit $3,350 into an HSA, while those with a family plan can contribute a maximum of $6,750. In either case, an extra $1,000 catch-up contribution is allowed for those age 55 or older.

  • Open and fund your HSA today.  High-deductible health plans can require policyholders to pay thousands out of pocket before insurance coverage kicks in. To soften the blow, the federal government allows those with qualified plans to open HSAs and pay their out-of-pocket expenses with tax-free money.  然而, the tax savings only applies to expenses paid the HSA was opened. You don’t need to fully fund it immediately -- or ever.  Pay into it what you can.
  • Your HSA can be an investment tool.  Some HSA accounts work as simple savings accounts and offer a minimal interest. Others let you invest money in mutual funds, just as you would in a 401(k) or IRA. 
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IRS E-file system temporarily shut down

02-04-2016Tax Information

The Internal Revenue Service reported it suffered a "hardware failure" on Wednesday 后noon, which left many of its tax processing systems unavailable Wednesday night, the agency announced in a statement.

The agency stopped accepting electronically filed tax returns because of the problem. The outage could affect refunds, but the agency said it doesn't anticipate "major disruptions."

美国国税局 is still assessing the scope of the outage and indicates nine out of 10 taxpayers will receive their refunds within 21 days.  美国国税局.gov website remains available, but "Where's My Refund" and other services are not working.

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FINANCIAL FEST 2015

10-28-2015Tax Information

Mark your calendars for Saturday, November 14, 2015 to attend FINANCIAL FEST –presented by Money Radio (KFNN 1510AM & 99.3FM) – a day of free seminars specialized to grow your wealth and help you retire comfortably.

Boudreau Consulting’s Kevin Boudreau will be presenting TAX BACKETOLOGY -- a review different ways of minimizing your personal & business income taxes --regardless of your tax bracket.

Boudreau Consulting is the only CPA firm presenting at this event. You will have a chance to meet the Boudreau Consulting tax professionals that can help you save money. TAX BRACKETOLOGY is scheduled to start at 11 am.

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Your Health 保险 Company May Ask for Your Social Security Number

08-27-2015Tax Information

On the surface, this may seem like another scam, but your health insurance company may request that you provide them with the social security numbers for you, your spouse and your children covered by your policy.

This is because the Affordable Care Act requires every provider of minimal essential coverage to report that coverage by filing an information return with the IRS and furnishing a statement to covered individuals. The information is used by the IRS to administer – and individuals to show compliance with – the health care law.

Health coverage providers will file an information return, Form 1095-B, Health Coverage, with the IRS and will furnish statements to you in 2016, to report coverage information from calendar year 2015.

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