Posts by Simply Taxes AZ

I was happy to have sponsored the Corte Bella Vets Annual Charity Golf Tournament. Click on the title to see images from the event.

What is the difference between a tax deduction and a tax credit? A tax deduction is an amount that reduces your taxable income and, therefore, reduces your tax by your tax bracket percentage. If you have a tax deduction (such as a deductible Traditional IRA contribution, student loan interest, Health Savings Account contribution) in the…

Most people know it, but few do it or do it correctly. I am talking about tracking business mileage! Mileage is not always deductible. Mileage to and from your place of business, whether self-employed or not, is considered “commuting mileage” and not deductible. Once you are at your place of business, where you go after,…

Donating unwanted or unused items is a great tax deduction if you file a Schedule A and itemize on you tax return. There are several organizations that will even pick up these donated items for you! Here are some easy-to-follow tips regarding these donations: 1) Utilize a donation guide that helps you estimate the values…

A common question I get every year is, “How long to I need to keep my tax record for?” I tell my clients this: Keep seven years of tax returns and three years of backup documentation. The IRS can only go back three years to audit. However, if they suspect fraud, the IRS can go…