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QUICK & TIMELY TAKES

COMPLIMENTARY NEWSLETTERS AND RESOURCES

  • Newsletters that are relevant, to the point and timely. Your time is important.
  • Visit the Helpful Items tab for calculators, calendars and many other...well, helpful items!

ARIZONA & YOUR 2020 TAXES

  • Arizona has officially extended the individual time to file and pay your 2020 taxes, included 1st Quarter 2021 estimated tax payments
  • In Arizona 2020 Unemployment Benefits May or May Not be Taxable
    • Generally, Arizona follows the same as the Federal tax laws ("Conform")
    • New American Rescue Plan Act (March 10, 2021) provides for the first $10,400 of benefits to be excluded from income on your 2020 return for certain taxpayers
    • CAUTION: Arizona hasn't officially "conformed" to these changes yet, though likely they will.
    • For other Conformity AZ FAQs check out the AZDOR page
  • Keep your records a little longer - Arizona has a 4 year statute of limitations, whereas the IRS is 3 years.

ECONOMIC IMPACT PAYMENTS: 1ST, 2ND AND NOW A 3RD WAVE

  • Payments received are not taxable income
  • Claim on your 2020 income tax return for qualified payments you did not receive from 1st or 2nd Wave.
  • For official IRS information or to check your status - go to "Get My Payment"

EARLY RETIREMENT DISTRIBUTIONS FOR COVID SUPPORT

  • If distributions are coronavirus-related you may be exempt from the 10% early withdrawal penalty.
  • You may be able to report the income over a three year period, thus managing your brackets intelligently!
  • Or, you may repay over three years, up to 2022, and claim refund for taxes paid on earlier related distributions.
  • https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers

Updated 04/06/2021



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MEETINGS

  • Office meetings are by appointment only.
  • Schedule by call, email or use the online calendar.
  • Call/text anytime - If I'm available I'll respond.
  • Limited in person office hours are available with additional flexibility for phone calls or scheduled video conference.
  • NOTE: As of 03/29/2021 building management still requires masks when in public/communal areas.


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Contact our office to address your specific accounting, tax or other planning needs. This website is a valuable resource. Material is intended to provide accurate, current and general information.