The State of Arizona is encouraging families to save for post-high school education expenses with tax-deductible donations. Arizona taxpayers can deposit into AZ529 educational savings plans set up for their children, grandchildren or friends and receive tax deductions. “My passion has been to help families across the entire state in every zip code. This is a wonderful opportunity to start saving early. When the student is ready to go off after high school, there is money for education,” said … [Read more...] about Arizona Encouraging Families to Invest in Education with Tax Deductible Contributions
tax
Retirement Planning: The Big Picture
As a future or current retiree, it is important for you to take into consideration the big picture of your retirement planning. Once you have the full picture, it helps you make more detailed and necessary decisions to achieve the retirement for which you have worked your whole life. One of the first steps to take when planning your retirement is to find a financial professional who puts your needs and interests first. At American Financial Security, we take your whole financial and tax … [Read more...] about Retirement Planning: The Big Picture
Health Savings Accounts: A Tax-Favored Plan Worth a Look
The Health Savings Account (HSA) is one of the tax favored plans available designed to offset or help with health care costs. The other tax favored plans are the Medical Savings Accounts, the Flexible Spending Arrangement and the Health Reimbursement Arrangements. We will only address the HSA here. IRS publication 969 explains all of these programs more. An HSA is a tax-exempt trust or custodial account you set up with a qualified HSA administrator. There are a number of qualified trustees … [Read more...] about Health Savings Accounts: A Tax-Favored Plan Worth a Look
Understanding the IRS Free File Alliance
The IRS Free File Alliance has existed for the last 16 years. This is a program to allow taxpayers who qualify to be able to do their tax returns themselves, and file it for free, using the portal at irs.gov/free file. There are about 12 free file alliance software vendor partners that work with the IRS to provide their software for use through the IRS web portal, for free. There are some restrictions as to who can use free file. A taxpayer who earns less than $66,000 per year can access … [Read more...] about Understanding the IRS Free File Alliance
Understanding Innocent or Injured Spouse Tax Relief Possibilities
Peak wedding season is in the air. Efforts to save on wedding costs can be important. However, many people seem not to consider the financial or tax situation of their prospective partner as much as they probably should, and this can potentially have a larger effect on their financial picture than wedding costs. When you file a joint income tax return, the law makes both you and your spouse responsible for the entire tax liability. This is called joint and several liability. Joint and … [Read more...] about Understanding Innocent or Injured Spouse Tax Relief Possibilities
Understanding the Impacts of Tax Reform Legislation
In early November, the House GOP leaders took their biggest step yet in their attempt to overhaul the U.S. tax code by releasing legislation that proposes sweeping changes to the current system. The proposal unveiled a new top tax rate, new tax brackets, a lower corporate rate and a compromise on the state and local tax deduction. The implications of tax changes are widespread. The question that most households are asking is: “How is it going to affect me?” One of the changes in the spotlight … [Read more...] about Understanding the Impacts of Tax Reform Legislation
Village of Oak Creek Named Arizona’s Most Tax Friendly Place for Retirees
The sleepy Village of Oak Creek boasts one grocer, several restaurants and a small outlet mall. But recently, the hamlet on the southern outskirts of Sedona earned new bragging rights. The Village of Oak Creek was just named Arizona’s No. 1 on SmartAsset’s list of “Most Tax Friendly Places for Retirees.” Of the 10 Arizona communities designated as “tax friendly for retirees,” three other Northern Arizona communities make the list: Williamson (No. 2), Doney Park (No. 9) and New Kingman-Butler … [Read more...] about Village of Oak Creek Named Arizona’s Most Tax Friendly Place for Retirees
