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Personal Tax

Can a Married Taxpayer Use a Different Filing Status?

In many cases a couple is “separated” but with no decree of divorce or separate maintenance. In that case, they are still considered to be married in the eyes of state law. And the tax law follows state law on this matter. The couple can still file “jointly,” but this may be impractical in some cases depending on the nature of the separation. If the following tests are met, you can file as “single” even though you're married (i.e, you will not have to use the “married filing separately” filing status): (1) You maintain as your home a household which for more than half the year is the [...]

2016-10-27T16:54:57-07:00October 10th, 2014|Personal Tax|Comments Off on Can a Married Taxpayer Use a Different Filing Status?

Extra-Curricular Activity Tax Credit – 2014

An individual may claim a dollar-for-dollar credit against their Arizona State income tax liability for making contributions to a public school in support of extracurricular activities or character education programs. For a list of participating public and charter schools, click here. The maximum credit that may be claimed is $200/$400 for Single & Married filers respectively.

2014-09-30T17:10:09-07:00September 30th, 2014|Personal Tax|Comments Off on Extra-Curricular Activity Tax Credit – 2014

‘Working Poor’ Tax Credit – 2014

Contributions to organizations that provide assistance to Arizona residents receiving TANF, are low income, or are chronically ill or physically disabled are eligible for a special, dollar-for-dollar, credit against Arizona State income tax. Starting with the 2013 tax year, taxpayers do not have to itemized deductions in order to claim this credit. The maximum contribution for Single/Married is $200 and $400 respectively.   Qualifying Organizations include: Boys & Girls Clubs of the East ValleyJewish Free LoanBig Brothers Big Sisters of Central Arizona Chandler Gilbert ARC EMPACT – Suicide Prevention Center, Inc. Gabriel’s Angels Society of St. Vincent De Paul OCJ [...]

2020-09-14T11:15:35-07:00September 30th, 2014|Personal Tax|Comments Off on ‘Working Poor’ Tax Credit – 2014

Private School Tuition Tax Credit – 2014

Two credits against Arizona State income tax exist for contributions to private school tuition organizations. A taxpayer may claim a credit for $528/$1,070 (single/married) for the standard private school tuition organization credit. Beginning in 2012, taxpayers have been allowed an additional amount, which is restricted to students who switch from public to private schools.  This credit can only be claimed when the first credit has been claimed and is maxed out.  The additional amounts for 2014 are $525/$1,050 (single/married).  You must notify the organization if you qualify. For a list of qualifying organizations, please click here.

2018-08-13T17:59:56-07:00September 30th, 2014|Personal Tax|Comments Off on Private School Tuition Tax Credit – 2014

Arizona Military Family Relief Fund – 2014

Donations to the Military Family Relief Fund, a fund dedicated to the support of Arizona’s deployed soldiers, are eligible for dollar-for-dollar reductions of Arizona State income tax. State law caps contributions to the fund to $1,000,000 per year. The Department of Veteran’s Services will provide you with a receipt that will confirm your donation qualified. Contributions up to $200/$400 (Single/Married) are eligible For more information, click here.

2014-09-30T17:00:12-07:00September 30th, 2014|Personal Tax|Comments Off on Arizona Military Family Relief Fund – 2014

The Scoop on Social Security

Article provided by Thomas M. Jeffrey, Senior Vice President, Investments for Troon Investment Advisors of Raymond James & Associates. Smart ways to claim benefits after a divorce or the loss of a loved one Social Security has been in place since 1935 and many rely on it to bolster their retirement resources. If you’re divorced or widowed, you may have extra options to boost your Social Security paycheck by strategically claiming spousal or survivor’s benefits. Divorced spouse benefits Many divorced women do not realize that they have the option to claim Social Security benefits on their former spouses’ work record. [...]

2018-02-27T10:26:24-07:00September 30th, 2014|Personal Tax|Comments Off on The Scoop on Social Security

Seeking a Job? You May Be Able to Deduct the Expenses

Did you know that if you are trying to find work in your current occupation, the costs of your search, including expenses for preparing and sending resumes, employment agency fees and related travel expenses, should be deductible? The deductions aren't available in all cases. For example, you’re not eligible to use them if you are seeking employment in a new field or if this will be your first job.  If it’s been a long time since you left your last job, your costs also may not qualify.  Don’t try to navigate the rules on your own. If you want to [...]

2016-10-27T16:54:57-07:00September 20th, 2014|Personal Tax|Comments Off on Seeking a Job? You May Be Able to Deduct the Expenses

The Marriage Penalty

The marriage penalty exists whenever the tax on a couple's joint return is more than the combined taxes each spouse would pay if they weren't married and if each filed his or her own single or head of household return. The tax is more on a joint return when the couple's taxable income is pushed into a higher marginal tax bracket than would apply if the couple wasn't married (so they pay at a higher rate on the same total income than they would pay if each were single). And that usually happens where both spouses work and have relatively equal incomes. [...]

2016-10-27T16:54:57-07:00September 10th, 2014|Personal Tax|Comments Off on The Marriage Penalty
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