The Fate of Vacation Rentals in Tucson with the onset of Commercial Taxation

Through the years, vacation rentals in many locations including Tucson have been popular for people who desire a private vacation experience or prefer a convenient short-term rental. However, developments in the last year brought what some considered a rather disturbing possibility to the forefront. Property Taxes During 2015, the Pima County Assessor reclassified hundreds of[ … ]

Work Opportunity Tax Credits

Must Act Fast! The recent Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) retroactively extended the expiring Work Opportunity Tax Credits (WOTC) credits from January 1, 2015 through December 31, 2019. These credits are based on hiring certain targeted individuals including veterans, those that receive food stamps, and those who live in[ … ]

Why it’s time to start tax planning for 2016

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities A tremendous number of variables affect your overall tax[ … ]

Tips for deducting losses from a disaster, fire, or theft

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses[ … ]

Three income-tax-smart gifting strategies

If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting strategies, it also can reduce your income tax[ … ]

Make a 2015 contribution to an IRA before time runs out

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits[ … ]