According to the IRS, a digital asset is property, not currency. Therefore, a digital asset is a capital asset. Furthermore, the IRS defines a digital asset as any digital representation of value recorded on a cryptographically secured, distributed ledger (blockchain) or similar technology. Examples of digital assets are Bitcoin, Dogecoin, Ether, Tether, and Non-fungible tokens […]
Businesses have specific deadlines for reporting income and payroll taxes. These deadlines include quarterly and annual filings with the IRS. Businesses must adhere to these deadlines or face penalties for late or missed filings. The following are some important filing deadlines: Employer’s Quarterly Federal Tax Return (Form 941) Quarter 1 (January – March): Due April […]
For tax year 2025 and after, there are big changes for individual and small business taxes. The changes include the following (which are subject to limitations and phaseouts): No tax on qualified tips No tax on qualified overtime Deduction for car loan interest on certain qualifying personal vehicles Eligible seniors 65 and older may claim […]
Arizona State income tax filers can reduce their Arizona State tax liability while supporting qualified charitable organizations. A state tax credit lowers your tax liability by the amount you donate (up to certain amounts). To claim the credit on a 2024 tax return, Arizona State taxpayers have until April 15, 2025 to make their donation. […]
Arizona offers income tax filers several exclusions for income received that is not subject to state income tax. The following are a few of the exclusions: Exclusion of $2,500 per receiving taxpayer for U.S. Government, Arizona State or Local Government Pensions. Exclusion for active-duty military pay, pay received for active service as a reservist for […]