Understanding and adhering to Arizona’s business tax laws is important. It helps businesses operate efficiently. So, whether you are running a small business or establishing a corporation, here’s a detailed guide on what you should be aware of: Types of Business Taxes in Arizona Transaction Privilege Tax (TPT) is a sales tax on the privilege […]
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Tax breaks lower US seniors’ and retirees’ taxable income. It helps them save money on taxes. There are six common tax deductions seniors and retirees can claim. Standard Deduction Seniors 65 and older may be eligible for a higher tax deduction. The 2021 standard deduction for individuals aged 65 and older is $14,250 for single
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Selling your home can be exciting yet complicated, especially when it comes to dealing with taxes. Of all the factors to consider, capital gains tax stands out as one that might have a big impact on your financial situation. However, there are strategies and provisions in place to mitigate or even avoid capital gains tax
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Churches and other religious organizations are qualified for tax-exemption status in Arizona and the rest of the United States. The reason is their nonprofit and religious nature. 501(c)(3) Status Churches and religious organizations often seek recognition under section 501(c)(3) of the Internal Revenue Code to qualify for tax exemption. The Internal Revenue Service (IRS) processes
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Acquiring tax-exempt status in Arizona for a nonprofit organization is a multi-step process that includes state and federal regulations. Here’s an overview of the procedure: Incorporate Your Nonprofit Set up your nonprofit as a legal organization in Arizona. Submit the Articles of Incorporation to the Arizona Corporation Commission (ACC). As part of this procedure, decide
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Are you planning to seek compensation through a car accident settlement or judgment? It is important to understand the potential tax implications associated with it. Being involved in a car accident is a traumatic experience that can result in physical injuries, emotional distress, and financial burdens. Make educated decisions and prevent any future unforeseen financial losses
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