Ullmann & Company CPAs Financial Update
Arizona Families Tax Rebate The Arizona Department of Revenue has introduced the Arizona Families Tax Rebate, providing taxpayers with $100 – $250 per dependent for up to three dependents. To qualify for this one-time rebate, you must meet the following criteria: Filed an Arizona full-year resident personal income tax return for tax Read more…
Security Notice: Safeguard Your Payments with Our Online Payment System According to a recent warning issued by the U.S. Postal Service, there has been a notable increase in checks being stolen during mail transit. Sophisticated scam artists are using the data from bank checks and are able to alter the payee’s Read more…
Reminder: Upcoming Quarterly Estimated Tax Deadline As we approach the end of the quarter, we would like to bring your attention to the upcoming September 15th due date for quarterly estimated tax payments. For those of you who are required to make these payments, kindly ensure that you review and submit your Read more…
Tax Tip for College Grads – Maximize Paychecks with Part-Year Withholding The standard federal tax withholding tables are based on the assumption that individuals will earn a full year’s income, potentially leading to higher tax withholding amounts. However, for college grads beginning employment mid-year, this assumption may not accurately reflect their Read more…
IRS Urges Taxpayers to Watch Out for Tax Avoidance Strategies In its annual Dirty Dozen list of tax scams, the IRS warns against four schemes targeting individuals and businesses seeking to avoid paying taxes by hiding assets or not filing returns. These schemes can result in theft of sensitive financial Read more…
IRS Boosts Standard Mileage Rates for the Rest of 2022 If you use the standard mileage rate for business use of your vehicle or reimburse based on business mileage driven, take note that effective July 1st, the federal standard reimbursement rate has increased by four cents to $0.625 per mile. The Read more…
More Payments Received Through Common Payment Platforms Will be Reported to the IRS Do you receive reimbursements or gifts from friends or family members or conduct business through payment platforms like Venmo or PayPal? You may receive a new form during next year’s tax filing season. In the past, credit Read more…
2021 Arizona Individual Income Tax Rates for High Income Earners are Uncertain While the 2021 Arizona individual income tax brackets look similar to prior years (with a maximum 4.5% rate), potential adjustments, options and variations may pile on as an Arizona taxpayer’s income increases. Following is a summary of the potential Read more…
IRS Processing Delays Continue Tips to Avoid a Hold Up This month the National Taxpayer Advocate provided an annual report to Congress stating that 2021 was “the most challenging year taxpayers and tax professionals have ever experienced” and set the tone that 2022 will continue to be chaotic. As of December Read more…
2021 Individual Year-End Income Tax Planning As we approach the end of another year, it is important to take some time to think of planning moves that may help lower your income tax costs this year. Below we have compiled a list of items that may be helpful if taken Read more…