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 […]
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Fiduciary Tax Returns for Estates, Trusts, and Bankruptcy Estate
The IRS requires the fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate file Form 1041 to report: The income, deductions, gains, losses of the estate or trust. The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries. Any income tax liability of the estate or trust. […]
Arizona State Income Tax Exclusions
Arizona State offers several income tax exclusions for income received that is not subject to state 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 a […]
Premium Tax Credit (Health Insurance)
The Affordable Care Act (ACA) provides premium tax credits to help lower the cost of health insurance for eligible households. The premium tax credit – also known as PTC – is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace. According to […]
Arizona State Tax Credits
Arizona State income tax filers can reduce their Arizona State tax liability while supporting qualified charitable organizations. These include public schools, private schools, and foster care organizations. A state tax credit lowers your tax liability by the amount you donate (up to certain amounts). To claim the credit on a 2025 tax return, Arizona State […]