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 […]
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Arizona State Tax Credits
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 State Income Not Subject to Taxation
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 […]
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 […]
End of Year Tax Planning Advice
It’s almost the end of the year and now is a good time to prepare for tax season in 2025. Easy Tax Service would like to remind you of important tax filing deadlines and documents needed to file your tax return: January 15, 2025 is the due date for the fourth quarter estimated tax payment. […]