MILTARY FAMILY RELIEF FUND TAX CREDIT
There is an Arizona Tax Credit available for military members and their families that is not widely known. The Arizona Department of Veteran’s Services administers the Military Family Relief Fund. The fund helps service members and their families faced with unforeseen expenses when a loved one becomes a casualty of war. Your donations of $200.00 for single taxpayer and $400.00 for married filing jointly to the fund may qualify for this income tax credit.
This credit is available for tax years 2011 and 2012. Donations will qualify if the total amount donated to the fund during the calendar year has not exceeded 1 (one) million dollars state wide. Qualifying credit will be determined on a first come basis. Information available indicated only about $200,000 has been received by the Fund so far in 2011.
This is a credit similar to the Working Poor and Public School credit which directly reduces your tax liability to the State of Arizona. This credit is available only to individuals. Corporations and other business entities may not claim this credit.
You must receive a receipt from the Arizona Department of Veterans’ Services to verify your donation qualifies for the credit.
Click here to get the form to mail in with your check.
This tip brought to you by Schutte & Hilgendorf, CPA’s, a Prescott firm serving the greater Yavapai County, providing audit, accounting,bookkeeping,tax preparation and planning, Quickbooks accounting and setup to individuals and small businesses.
Contact us for a free initial consultation at 928-778-0079
On March 18, 2010, The HIRE Act was signed into law and provides some incentives for hiring and retaining previously unemployed workers.
An exemption was available on the 2010 2nd, 3rd, and 4th quarter form 941 payroll tax reports for payroll paid to new employees who were qualified previously employed workers.
In effect for the 2011 tax year, a credit is available to employers who retain qualified employees for 52 consecutive weeks. The credit is claimed on the employers’ income tax return and is the lesser of $1,000 or 6.2% of wages paid to the qualified employee during the 52 week period. A qualifying employee’s wages for the last 26 weeks of the period must be at least 80% of the employee’s wages for the first 26 weeks of the period. The qualifying employee must have been hired between February 3rd, 2010 and December 31, 2010. The credit is available in addition to any exemptions claimed on the 2010 form 941 payroll tax reports.
Should you have questions regarding this post or any other tax needs, contact us at Schutte & Hilgendorf, PLLC, Prescott accountants serving the greater Yavapai County with tax, accounting, auditing, and QuickBooks consulting expertise.
For November
QuickBooks Tips And Tricks: Make it Yours
No matter which version of QuickBooks you’re using, there are always ways to make your workday easier. As with any software, we tend to learn the features we need and not much more. But small changes in the way you operate can add up to significant time savings and more accurate files. If you jumped into QuickBooks without a thorough introduction, consider these tips.
Click here for the November 2011 QuickBooks Tip
This tip brought to you by Schutte & Hilgendorf, CPAs, a Prescott firm serving the greater Yavapai County, provides auditing, accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079 begin_of_the_skype_highlighting 928-778-0079
