Estimated Tax Payments for 4th Quarter Due January 15, 2020

If you are required to pay estimated taxes for 2019, the payment for 4th quarter is due by Wednesday, January 15, 2020.

How do you know if you are required to pay quarterly estimates for 2019? As part of the preparation of your 2018 income tax returns, you would have received payment vouchers and instructions.

Have you had any dramatic changes in income during 2019? If so, it may be helpful to schedule an appointment to go over these changes and possibly adjust your 4th quarter estimated tax payment for 2019. 

If you any questions or have misplaced a payment voucher, please contact our office and we’d be happy to print out new ones for you!

1099 Forms

It’s that time of year again! As 2019 draws to a close, we recommend planning ahead and starting to collect or verify social security numbers, EIN numbers and addresses of individuals to whom you are required to issue Form 1099.   

These forms must be prepared and sent to the recipients on or before January 31, 2020.   Please note! The Small Business Jobs Act of 2010 substantially increased Form 1099-related penalties, so we encourage you to take action now.

Who is responsible for issuing Form 1099?

1)       If you are an individual who owns a trade or business, regardless of entity type (individual/sole proprietor, LLC, S-corporation, corporation, non-profit).

2)       If you are an individual who owns rental property which you operate for profit.

Who are the recipients of Form 1099?

Each business or non-employee to whom you have paid in the course of your trade or business during the year:

a)       At least $10 in royalties or interest.

b)       At least $600 in rents, including rentals of machines or equipment (not required if paid to a real estate agent).

c)       At least $600 in services provided (i.e. landscapers, repair companies, maintenance providers, property managers, architects, engineers, photographers, entertainers, consultants, accountants, attorney fees).

d)       At least $600 in payments to medical or healthcare providers.

e)       At least $600 in prizes or awards.

The above list is not all-inclusive, but rather the more common types of payments that must be reported on Form 1099.

Open Enrollment – Healthcare Marketplace

If you’re planning to buy health coverage for 2020 through a marketplace, the enrollment period starts this month. It runs from Nov. 1 to Dec. 15. Go to healthcare.gov to get started and to review your insurance choices and cost. Please remember that if you elect to receive any tax credits in advance that an estimate of your annual income is required. Please let us know if you have questions or would like any assistance in estimating your income for 2020.

Estimated Tax Payments for 3rd Quarter Due September 16th, 2019!

Just a quick reminder:

If you are required to pay estimated taxes for 2019, the payment for 3rd quarter is due by Monday, September 16th, 2019.

How do you know if you are required to pay quarterly estimates for 2019? As part of the preparation of your 2018 income tax returns, you would have received payment vouchers and instructions.

Have you had any dramatic changes in income during 2019? If so, it may be helpful to schedule an appointment to go over these changes and possibly adjust your 2nd quarter estimated tax payment for 2019. 

If you any questions or have misplaced a payment voucher, please contact our office and we’d be happy to print out new ones for you!

ADOR Updates Guidance Regarding Income Tax Conformity

The Arizona Department of Revenue recently issued the following guidance for individual income taxpayers now that the Arizona legislature has determined the matter of conforming to the Internal Revenue Code (IRC).

Tax year 2018 

  • For tax year 2018, Arizona now conforms to the IRC.  This includes 2018 tax forms, which were prepared assuming conformity.
  • No action is required of taxpayers who have already filed; for taxpayers who have filed an extension, returns are still due on October 15, 2019.

Tax year 2019

Beginning in 2020, Arizona individual income tax returns for tax year 2019 will include the following adjustments:

  • Match the federal standard deduction amount ($12,200 single/married filing separate, $18,350 head of household, $24,400 married filing joint)
  • Remove Arizona personal and dependent exemption amounts.
  • Provide $100 child tax credit per dependent under 17 years of age and $25 for dependents 17 and older.  The credit is phased out for federal adjusted gross income (FAGI) greater than $200,000 single/married filing separate and head of household, $400,000 married filing joint.
  • Allow taxpayers to increase standard deduction by 25 percent of the charitable donations that would have been claimed as an itemized deduction.

The changes also establish four tax brackets from the previous five tax brackets, with overall slight decreases to the rates for most tax brackets.

If you any questions, please contact our office.  

Q2 Estimated Tax Payment

The 2019 2nd quarter estimated tax payments are due on Monday, June 15, 2019. Please let us know if you would like assistance computing the balance due or if you need duplicate copies of your payment vouchers that we provided you during tax prep. Thank you!

May 15 Due Date – Nonprofit Organizations

The Form 990 tax returns are due on May 15, 2019 for nonprofit organizations. Please let us know if you would like any assistance with your nonprofit filing requirements!

‘2018 Business Tax Organizers’

It’s that time of year again to gather all your reporting information for your business income tax returns. This year we have prepared an organizer to assist you in collecting and reporting necessary information for us to properly prepare your 2018 business income tax return.   Please contact us if you have not received one yet and would like to have one. We look forward to serving you in preparation of your 2018 business income tax returns. If you have any tax planning questions, please feel free to contact our office directly at 928-774-5086.

Estimated Tax Payments for 4th Quarter Due January 15th, 2019

HAPPY NEW YEAR!!!

Just a quick reminder:

If you are required to pay estimated taxes for 2018, the payment for 4th quarter is due by January 15th, 2019.

How do you know if you are required to pay quarterly estimates for 2018? As part of the preparation of your 2017 income tax returns, you would have received payment vouchers and instructions.

If you any questions or have misplaced a payment voucher, please contact our office and we’d be happy to print out new ones for you!

2018 Tax Organizers are on their way!

In the next few weeks, we will be mailing out the 2018 tax organizers.  Completing the tax organizer with your 2018 tax information helps facilitate the preparation of your 2018 income tax returns.  If your mailing address has changed, please call our office to let us know.  If you find you have not received your tax organizer by mid January, you may download a PDF version of the form here on our website or you may call our office and request one be sent to you.  We look forward to serving you in preparation of your 2018 income tax returns.  If you have any tax planning questions, please feel free to contact our office directly at 928-774-5086.