Tax law can be complex. There's much to know to be sure you're doing all you can to get what you deserve. 
Here are some tips and possible deductions to get you started. WHEN IN DOUBT, BRING IT IN!

Some Common Tax Credits

Child and Dependent Care Credit
Child/Additional Child Tax Credit
Earned Income Credit
Education Credits


Adoption Credit
Retirement Savers Credit
Residential Energy Efficient Property

Tax Deductions and Adjustments to Income

Charitable Contributions
Donations and out-of-pocket expenses to aid qualified charities. See our Charitable Deductions page for more information.

Medical Expenses
Arizona allows 100% of medical expenses when you itemize deductions. For a federal tax deduction you must have medical expenses exceeding 7.5% of your adjusted gross income. Qualified medical expenses include mileage, certain insurance premiums, vision and dental care, copays for prescription drugs, medical equipment. See our Medical Deductions page for more examples.

Health Savings and Health Reimbursement Accounts
HSA contributions, other than employer contributions, are deductible on the eligible individual's return whether or not the individual itemizes deductions. Employer contributions aren't included in income. Distributions from an HSA that are used to pay qualified medical expenses aren't taxed. An HRA must receive contributions from the employer only. Employees may not contribute. Contributions aren't included in income. Reimbursements from an HRA that are used to pay qualified medical expenses aren't taxed.

Taxes 
State and local taxes paid, sales tax paid on all vehicles and homes, personal property tax, foreign taxes (not foreign real estate taxes), real estate/property tax, vehicle license tax on auto registration (go to www.servicearizona.com) There is a cap on the aggregate of these deductions; meaning, all state and local taxes, income, and property taxes together may not exceed $10,000 ($5,000 for married taxpayers filing separately).

Interest
Form 1098 home mortgage interest and points paid on qualified residence. If you refinanced bring in settlement statements. Mortgage interest paid to another. Seller financed or recreational vehicles: need name and address, if paid to an individual need a social security number or EIN. Investment interest expense. For tax years 2018 through 2025, there is no deduction available for interest on home equity indebtedness.

Mortgage Interest Points            
Points paid on a home mortgage are usually deductible as interest. If the mortgage is for the purchase or improvement of your principal residence, you can either deduct the full amount of the points in the year of payment or, if you're not itemizing your deductions that year, pay back the points over the loan term. 

Retirement Plan
One of the most powerful tax shelters available is a qualified retirement plan. Within certain limits, contributions to fund the plan are immediately tax deductible, plan investment earnings are tax deferred, and plan participants do not have to pay income taxes on benefits until they receive their distributions.

Educator Expenses 
Expenses incurred by teachers, instructors, counselors, principals and aides for educating students K-12, up to $250.

Alimony Paid
Bring in the name and social security number of the person receiving the alimony

Moving Expenses
Beginning in 2018, the moving expense deduction is only available to certain military personnel.

Job Hunting Expenses
No longer deductible as of 2018.

Unreimbursed Job Related Expenses 
No longer deductible as of 2018.

                           Other Common Deductions and Adjustments
Casualty and theft losses (Only available to those losses attributable to a federally declared disaster)
Gambling losses
Self-Employed SEPs or simple and other qualified plans
Self-Employed health insurance deductions
Penalties on early withdrawal of savings or CDs
Student loan interest paid

This list is far from exhaustive. 
Call today to set up a time to discuss your specific situation and needs.

Income
Bring documentation for all sources of income.
If you’re not sure whether income is taxable, bring it in and we’ll discuss it.

W-2s for wages earned from employers
W-2s for disability income
W-2Gs for gambling winnings
1099 for retirement income, including pensions, IRAs and annuities
1099-Int for interest earned from investments and bank accounts
1099-Div for dividends earned on investments
1099-G for 2012 state tax refunds or unemployment
1099-SSA for Social Security benefits
1099-Misc for business/rental/royalties/etc.
Include all other income even if you did not receive a 1099-Misc
1099-B for stock sales and broker accounts with date of purchase and cost basis
Bad Debt (rules apply)
Consolidated 1099s from brokerage accounts including amended or substitute 1099s
1099-S for sale of real estate, including settlement statement
Any income from sales of business/rental/investment assets
K-1s for investments in partnerships, S-corporations, trusts, royalties
Rental Real Estate Income
Farm Income
Total of all alimony received
Forms 1099-C and 1099-A cancellation of debt
Any other income! 


TOOGOOD'S TAX AND ACCOUNTING, PLLC
595 SOUTH MAIN STREET 
PO BOX 2999
FLORENCEAZ 85132
Phone: 520-868-1040 
Website: 
http://toogoodstaxandaccounting.com
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