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If you have too little withheld from your pay check, you could end up owing money when you file your taxes. If you withhold too much, you get a large refund, BUT you have let the government have too much of your money all year.
The IRS has a withholding calculator at IRS.gov to help you figure the correct amount of federal withholding for your tax situation. If you find you are over or under withholding, you should fill out a new W-4 Form with your employer and have the withholding adjusted.
To use the withholding calculator have this information available:
*Your most recent pay stub
* Your most recent federal tax return
Then:
*Fill in all information that applies and print the screen that summarizes your information. Use this information to complete a new W-4 Form.
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.
For employers who hire unemployed veterans who begin work after November 21, 2011 and before January 1, 2013.
The size of the credit depends on how long the new hire was out of work. It could be 40% of the first $14,000 of pay for vets who were jobless for at least six months in the year before they were hired. For those out of work between four weeks and six months it is 40% of the first $6,000 of pay.
This tip is 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.
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.
The Federal Unemployment Tax (FUTA) rate was reduced from 6.2% to 6.0% effective July 1, 2011. This makes all employers who are subject to Arizona unemployment insurance tax also subject to the .10% Arizona Job Training Tax (JTT) on taxable wages paid after June 30, 2011.
Consequently, the above-mentioned JTT exemptions for certain tax-rated employers expired on July 1, 2011, so those exemptions are no longer in effect with respect to taxable wages that are paid after June 30, 2011. Therefore, ALL tax-rated employers, regardless of their UI Tax rate and whether they are “new employers” or experience-rated, are subject to JTT on taxable wages they pay after June 30, 2011.
Employers who were exempt from JTT in the first and second quarters of 2011 continue to be exempt from JTT on taxable wages they paid in those quarters. In other words, for 2011: (1) if such an employer did not meet the $7,000 taxable wage base of an employee in the first or second quarter, the employer is subject to JTT only on taxable wages paid to that employee in the third and fourth quarter; (2) if the employer did meet the taxable wage base of an employee in the first or second quarter, the employer is not subject to JTT on wages paid to that employee in the third or fourth quarter. Reimbursement employers continue to be exempt from JTT after June 30, 2011.
From Arizona Department of Economic Security Change in FUTA Rate and Job Training Tax Exemptions
If you need more information about the article above, contact Schutte & Hilgendorf, CPAs serving all of Yavapai County with accounting, tax preparation and planning, auditing, bookkeeping, payroll, and QuickBooks consulting.
Exempt Organizations Annual Reporting Requirements – Annual Electronic Notice (Form 990-N) for Small Organizations: Information Reported
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The e-Postcard is easy to complete. All you need is the following information:
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Organization’s legal name –
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Any other names your organization uses – If the organization is known by or uses other names to refer to the organization as a whole (and not to its programs and activities), commonly referred to as Doing-Business-As (DBA) names, they should be listed.
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Organization’s mailing address – The mailing address is the current mailing address used by the organization.
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Organization’s website address (if you have one).
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Every tax-exempt organization must have an EIN, sometimes referred to as a Taxpayer Identification Number (TIN), even if it does not have employees. The EIN is a unique number that identifies the organization to the Internal Revenue Service. Your organization would have acquired an EIN by filing a Form SS-4 prior to requesting tax-exemption. The EIN is a 9-digit number and the format of the number is NN-NNNNNNN (for example: 00-1234567).
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If you do not know your EIN, you may be able to find it on the organization’s bank statement, application for Federal tax-exempt status, or prior year return.
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Please note that the EIN is not your tax-exempt number. That term generally refers to a number assigned by a state agency that identifies organizations as exempt from state sales and use taxes.
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If you do not have an EIN, see the Instructions for Form SS-4 for different ways to apply for an EIN. DO NOT use the EIN of a parent or other organization.
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Name and address of a principal officer of your organization –
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Usually president, vice president, secretary, or treasurer – often specified in the organization’s by-laws.
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Organization’s annual tax year –
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Like any taxpayer, exempt organizations must keep books and reports and file returns based on an annual accounting period called a tax year. A tax year is usually 12 consecutive months that can be either calendar year or fiscal year and is often specified in the organization’s by-laws.
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Answers to the following questions:
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Page Last Reviewed or Updated: September 21, 2011 |
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Schutte & Hilgendorf, CPAs, a Prescott accounting firm, specializes in auditing, accounting and tax preparation and planning for non-profit Organizations throughout Yavapai County and Northern Ariziona. Should you need assistance with filing a non-profit information return (990) or notecard, please call us at 928-778-0079. We can e-file 990-e postcards (990-N) for you from our office for a nominal fee. Call us today!
September 2011 QuickBooks Tip:
Classes or Types? When To Use Them
QuickBooks’ standard reports are critical to understanding your company’s past, present, and future. But the program also offers innovative tools that can make them significantly more insightful and comprehensive.
QuickBooks offers two simple conventions that let you identify related data: classes and types. Classes are used in transactions. Types are assigned to individual customers, vendors, and jobs.
click on the link below for more detailed information on this topic:
Sept 2011
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
How does an employer know whether to make Arizona withholding payments on a quarterly basis or more frequently?
QUARTERLY BASIS PAYMENTS: An employer must make its Arizona withholding payments on a quarterly basis if the average amount of Arizona income taxes withheld during the preceding four calendar quarters does not exceed $1,500.
MORE FREQUENT PAYMENTS: An employer must make its Arizona withholding tax payments at the same time as its federal withholding deposits if the average amount of Arizona income taxes withheld during the preceding four calendar quarters exceeds $1,500.
WHY DOES THE EMPLOYER MAKE THIS COMPUTATION? Arizona law requires an employer, at the beginning of each new quarter, to compute its average Arizona withholding tax liability for the preceding four calendar quarters. This calculation is performed to determine the correct Arizona withholding payment schedule.
HOW DOES THE EMPLOYER MAKE THIS COMPUTATION? An employer that has four full consecutive calendar quarters of Arizona withholding liability historical data must use the regular withholding payment schedule computation. An employer that does not have four full consecutive calendar quarters of Arizona withholding liability historical data must use the alternate withholding payment schedule computation. Refer to the “Arizona Withholding Liability/Payment Schedule” section of the Form A1QRT instructions for further information
Per the State of Arizona – Department of Revenue – Arizona Withholding FAQ’s
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.
The City of Prescott is offering three free tax seminars and training in August.
The seminars, which the City of Prescott Tax and Licensing Department will present, will include information on the tax code, and how it affects individuals and businesses.
Location: Prescott City Hall – 201 S. Cortez Street
Residential and Commercial Rental Tax – August 10th, 10-11:30am
Retail Sales Tax – August 10th, 1-3pm
Construction Contracting – August 17th, 1-3:30pm
These classes are very informational and can help clarify some of the sales tax issues you may experience.
From Prescott Daily Courier City Presents Tax Seminars Next Month July 27, 2011
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.
Article provided by Paychex, July 12, 2011:
Because Arizona was one of the 30+ states that borrowed money from the feds after our unemployment coffers were depleted as a result of our most recent recession, all Arizona employers who are subject to State Unemployment Tax are subject to a Special Assessment beginning July 20th 2011.
Here are a few of the details:
All employers subject to Arizona UI Tax in 2011 and 2012 are also subject to the SA.
- Reimbursement employers are exempt from the SA.
- “Taxable wages” are the first $7,000 of gross wages paid to each employee in a calendar year.
- The SA rate is 0.40% of taxable wages paid in 2011 (maximum $28 per employee).*
- The SA rate is projected to be 0.60% of taxable wages paid in 2012 (maximum $42 per employee).*
- Payment of the SA for the first three quarters of 2011 is due by October 31, 2011, payable as follows:
- In mid to late September 2011, DES will mail employers statements of the SA amounts they owe, if any, for the first two quarters of 2011.
- Beginning with the third quarter of 2011, SA amounts due are payable with quarterly UI taxes and reported on Line 7, Part C of the Unemployment Tax and Wage Report (form UC-018).
- Employers may include the amount of SA due for the first two quarters of 2011 on their third quarter 2011 report and remit a single payment for all amounts due.
- Alternatively, employers may pay the SA for the first two quarters separately from a report, via the online Tax and Wage System (TWS) at www.azuitax.com or by check or money order.
Please see attached article (Special Assesment change with SUI) from DES for details, or visit the below website:
https://www.azdes.gov/main.aspx?menu=316&id=6767
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Schutte & Hilgendorf PLLC
3140 Stillwater Drive
Prescott, AZ 86305
Phone: 928-778-0079
Fax: 928-778-0261
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