Robyn D. Young, CPA, LLC

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NEWSLETTERS AND RESOURCES

• These newsletters are relevant, timely, and to the point. No subscription or fee is required.
• Our helpful Items tab has calculators, calendars, and many other...well, helpful items!

THE IRS AND YOUR TAXES

• We recommend accessing your taxpayer account and records with the IRS to match tax payments, credits, and what is being reported to the IRS.
• Tax notices, correct or incorrect, are on the rise. https://www.irs.gov/payments/view-your-tax-account
• Penalties and interest rates are on the rise, currently at 8%
• The Statute of Limitations differs depending on when or if you filed a tax return. Claims for refunds do expire!
• 2023 Standard Mileage rates:
  • 65.5 cents per mile driven for business use
  • 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces from
  • 14 cents per mile driven in service of charitable organizations; this rate is set by statute and sadly remains unchanged

ARIZONA AND YOUR TAXES

• Arizona Families Tax Rebate - starting in November 2023 certain individual taxpayers may qualify for up to $750 in a tax rebate from Arizona. Click this for some FAQ
• New for 2023 - we're moving to a 2.5% flat tax starting tax year 2023.
• Keep your records a little longer - Arizona has a 4-year statute of limitations (the IRS is 3 years)
• Education Savings Deductions are per Beneficiary, not per Taxpayer.
• • Contributions to college savings plans (529 Plans) are $2,000 per *beneficiary* ($4,000 per beneficiary for a married filing joint return)
  • Here's some more education on saving for education: https://az529.gov/faq/
• In addition to claiming the standard deduction, you can claim 27% of qualified charitable contributions made during the year
• Use available Arizona taxes with Charitable Tax Credits to pay your taxes. You have until 04/15/2024 to make donations and apply them to 2023.

Updated 10/28/2023

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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.