Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until[ … ]

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: State and local tax[ … ]

Arizona Appeals Court Strikes Down Law on Employee Benefits

The Arizona Court of Appeals said GOP lawmakers cannot stop local governments from requiring private employers give their workers more benefits than state law mandates. The case deals with a law passed in the wake of voters approving a higher state minimum wage, which also requires paid personal leave for employees.

3 big TCJA changes affecting 2018 individual tax returns and beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree[ … ]

Defining ‘New Arizonan’ Cuisine, One Foraged Acorn At A Time

What is Arizona food? Is it a chimichanga? Or a Sonoran hot dog? Is it the classic Native American dish of squash, beans and corn — the three sisters? The elusive answer to that question is what Chris Malloy is attempting to nail down in his new column for the Phoenix New Times called “Sonoran[ … ]

Tax Filing Season Begins Following Partial Government Shutdown

Tax filing season begins on Monday, just days after the 35-day partial government shutdown came to a close. It’s expected that the IRS is backlogged after the shutdown, and that tax returns may be delayed. But another shutdown is looming, as the stopgap spending bill is only lasts until Feb. 15. Another shutdown could further[ … ]