Arizona, income tax and Washington

IRS Will Tax Arizona Families’ Tax Rebates

CPA Practice

JANUARY 23, 2024

Taylor, Kiplinger Consumer News Service (TNS) If you received an Arizona child tax rebate last year, you will have to report that amount on your federal income tax return. The IRS has classified the rebate payments as taxable income, meaning some Arizona families might have to pay taxes on the money they received.

Arizona

Arizona Tax income tax tax return

No Need To Balk at State Income Taxes During Spring Training

Withum

FEBRUARY 20, 2024

As is MLB tradition, players and fans alike are making their way to Arizona and Florida for Spring Training with the Cactus and Grapefruit Leagues, respectively, set to get under way in the coming days. The tax implications and overall economic impact will be felt throughout the league and the states in which they play.

income tax

income tax Arizona Florida Tax

Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax

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How the 50 States Rank By Tax Burden

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island

Rhode Island Alaska Tax New Hampshire

IRS Direct File is Now Officially Open for Use in 12 States

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. This includes 5.2

South Dakota

South Dakota income tax tax return Arizona

How the 50 States Rank By Tax Burden

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island

Rhode Island Alaska Tax New Hampshire

The accountant’s guide to state taxes on retirement income

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota

South Dakota Rhode Island New Hampshire Wyoming

Sales tax and nonprofits

TaxConnex

SEPTEMBER 7, 2023

Definitions For Federal income tax purposes, according to the IRS , tax-exempt organizations include: Charitable: Organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational or other specified purposes. But as always with sales tax, rules vary state to state.

Sales

Sales Tax Non-Profits North Carolina

IRS Direct File Launches for Low-Income Taxpayers in 12 States

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. In Washington state, Direct File will guide filers to a state site where they can apply for the Working Families Tax Credit.

tax preparation

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California Considers Giving Tax Exemption to Military Pensions

CPA Practice

AUGUST 9, 2023

state that fully taxes military pensions. ( But proposed legislation would exempt military retirement income from California state income tax — at least for the next ten years. “We tax years beginning on or after January 1, 2024, and before January 1, 2034). That’s because California is the only U.S.

California

California Tax income tax Nevada

Taxing the Rich is a Popular Bipartisan Stance, Poll Shows

CPA Practice

MARCH 26, 2024

By Laura Davison, Bloomberg News (TNS) The progressive rallying cry of “tax the rich” has morphed into a popular policy stance with voters in the key states that will decide the 2024 election, enjoying support even among those who prefer billionaire Donald Trump, according to the latest Bloomberg News/Morning Consult poll.

North Carolina

North Carolina Wisconsin Nevada Tax

IRS to Try Out Its Free E-Filing Tax Return Program in 13 States Next Year

CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

tax return

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island

Rhode Island tax return Tax West Virginia

Employer Payroll Tax Obligations When Employees Work Out-Of-State

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. Each state has its own requirements for withholding taxes for out-of-state employees. Wage Base is the maximum amount of wages per employee on which an employer owes state unemployment tax.

payroll tax

payroll tax payroll South Dakota Rhode Island

Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

CPA Practice

NOVEMBER 1, 2023

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much.

North Dakota

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Accountant Advocate

IRS Will Tax Arizona Families’ Tax Rebates

No Need To Balk at State Income Taxes During Spring Training

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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

Webinars

How the 50 States Rank By Tax Burden

IRS Direct File is Now Officially Open for Use in 12 States

How the 50 States Rank By Tax Burden

The accountant’s guide to state taxes on retirement income

Sales tax and nonprofits

IRS Direct File Launches for Low-Income Taxpayers in 12 States

California Considers Giving Tax Exemption to Military Pensions

Taxing the Rich is a Popular Bipartisan Stance, Poll Shows

IRS to Try Out Its Free E-Filing Tax Return Program in 13 States Next Year

$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

Employer Payroll Tax Obligations When Employees Work Out-Of-State

Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

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