Deferred Tax Assets and Deferred Tax Liabilities
Deferred tax assets and deferred tax liabilities are derived by: Deferred tax assets are derived from increases in taxes refundable (or saved) in future years as a result of deductible temporary...
View ArticleAvoid Underpayment of Estimated Tax Penalty
How can taxpayers avoid an underpayment of estimated tax penalty? A taxpayer can avoid an underpayment of estimated tax if total estimated tax payments equal or exceed 90% of the tax liability shown on...
View ArticleWorthless Securities
Worthless Securities Definition: A loss is acceptable for a security that becomes worthless during the year. The loss is considered to have taken place on the last day of the year. Certain rules apply...
View ArticleWorksheet
Worksheet Definition: A record of collected data that is generally not forwarded to the IRS with a tax return. Additional Worksheet Information:The post Worksheet appeared first on Phoenix, AZ CPA Firm.
View ArticleWork Opportunity Credit
Work Opportunity Credit Definition: A credit for employers who decide to hire employees from specific disadvantaged groups. Form 5884 is used to claim the credit. Additional Work Opportunity Credit...
View ArticleWithholding Allowances
Withholding Allowances Definition: A credit for employers who decide to hire employees from specific disadvantaged groups. Form 5884 is used to claim the credit. Additional Withholding Allowances...
View ArticleWidow (Widower)
Widow (Widower) Definition: A woman (man) who has not remarried after the death of her husband (his wife). Additional Widow (Widower) Information:The post Widow (Widower) appeared first on Phoenix, AZ...
View ArticleWelfare to Work Credit
Welfare to Work Credit Definition: The Welfare to Work Credit is for employers who hire workers from welfare rolls. The credit is redeemed on Form 8861. Additional Welfare to Work Credit...
View ArticleWash Sale
Wash Sale Definition: The purchase of stock or securities that is substantially similar within 30 days before or after the sale of the similar stock or security at a reported loss. A wash sale loss...
View ArticleVested Benefits
Vested Benefits Definition: Pension benefits in possession of the taxpayer. Additional Vested Benefits Information:The post Vested Benefits appeared first on Phoenix, AZ CPA Firm.
View ArticleVacation Home
Vacation Home Definition: The Tax Code applies restrictions for taxpayers who rent their residences or vacation homes to others for part of the tax year. The restrictions may lead to a scaling down of...
View ArticleUnstated Interest
Unstated Interest Definition: Interest that should be calculated and the sale price reduced by this amount when interest is not stated in an installment agreement or the interest rate used is less than...
View ArticleHow Does Taxable Income and Financial Income Differ?
Differences between taxable and financial income: The main difference between taxable income and financial income is that financial income is reported as a pretax sum, specifically for users of...
View ArticleTax Benefits of Net Operating Losses
The tax benefits of net operating losses (NOL) are disclosed on financial statements by: The tax benefits of net operating losses are disclosed on financial statements in either one of two methods. The...
View ArticleREVISED NOTICE – STATE TEMPORARY TAX EXPIRES MAY 31, 2013
Effective June 1, 2013: The Temporary Tax passed by voters in 2010 expires on May 31, 2013. The current state rate of 6.6 percent on most transactions decreases to 5.6 percent beginning June 1, 2013....
View ArticleNOTICE OF MEETING & AGENDA — MTCC Meeting (May 24, 2013)
NOTICE OF MEETING & AGENDA -- MTCCThe post NOTICE OF MEETING & AGENDA — MTCC Meeting (May 24, 2013) appeared first on Phoenix, AZ CPA Firm.
View ArticleNeed Help
Answers to frequently asked questions about your individual income tax return for 2012, can be found here .The post Need Help appeared first on Phoenix, AZ CPA Firm.
View Article2012 Conformity
Each year the Arizona legislature considers whether to amend Arizona Revised Statutes § 43-105 to conform to changes made to the Internal Revenue Code during the prior year. The post 2012 Conformity...
View ArticleArizona e-File Update
Arizona e-File Update The post Arizona e-File Update appeared first on Phoenix, AZ CPA Firm.
View ArticleTax Preparers and AZ Form 8879
ALERT - Tax Preparers and AZ Form 8879 For TY2012, Arizona has discontinued the use of the AZ8453.The post Tax Preparers and AZ Form 8879 appeared first on Phoenix, AZ CPA Firm.
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