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Happy Halloween! What’s Scarier Than Over Paying Your Taxes

Happy Halloween! What’s scarier than over paying your taxes

  • There is an amazing Arizona State tax credit. So listen up S corporations out there; if your individual shareholders and your owners are paying in tax to the State of Arizona or if you’re here in Arizona paying in more tax to the State of Arizona than about $5000 then you absolutely need to be looking at contributing to the S corporation level, Arizona State tax credits.
  • There’s a 7.4 million dollar fund in the 2017 tax year, where S corporations can actually contribute to the Arizona State tax credits, pass that contribution through to their personal level tax return, and the personal level tax return could actually take those Arizona state tax credits.
  • Brian Sanders is the guy that runs the Tax Scholarship Fund or the Scholarship Fund for Tax Goddess, which our scholarship fund actually does qualify for those Arizona State tax credits; both at the individual level and at the S corp. level.

Hey everyone, Happy Halloween! This is Shauna from Tax Goddess.  I Hope you guys are having a wonderful day and that you had an absolutely wonderful Halloween. Of course, today, the only thing I really want to talk about is; what could be scarier than overpaying your taxes? I mean, I know the ghosts can be very scary, but overpaying your taxes is worse! If you have any questions on how to reduce your taxes, now is the time to start planning.

There is an amazing Arizona State tax credit. So listen up S corporations out there; if your individual shareholders and your owners are paying in tax to the State of Arizona or if you’re here in Arizona paying in more tax to the State of Arizona than about $5000 then you absolutely need to be looking at contributing to the S corporation level, Arizona State tax credits. There’s a 7.4 million dollar fund in the 2017 tax year, where S corporations can actually contribute to the Arizona State tax credits, pass that contribution through to their personal level tax return, and the personal level tax return could actually take those Arizona state tax credits.

And Brian, I’m so happy to see that you’re on here. I almost wish I could bring you into our live video. Brian Sanders is the guy that runs the Tax Scholarship Fund or the Scholarship Fund for Tax Goddess, which our scholarship fund actually does qualify for those Arizona State tax credits; both at the individual level and at the S corp. level. So if you want to save some serious money for your S corporation owners, make sure that you are calling us, asking your CPA.

If your CPA doesn’t know about those state tax credits, a little bit scary, find a new CPA. Hi, happy Halloween everybody. We hope you guys are saving as much money as you possibly can. And of course, earning money at the federal level by making those Arizona state tax contributions. Hope you’re having a great day. If you have any questions, feel free to reach out to us at taxgoddess.com. Thanks, happy Halloween! Bye.

This Post Has 2 Comments
  1. Hi there, thanks for the great tips by the way.
    However, I do have a question that I think
    you could answer for me. I was wondering should a small
    business use a bookkeeper all year around? If you could give me some insight I would greatly appreciate it!

    1. I absolutely believe that all small businesses should have a bookkeeper and should be reviewing their monthly bookkeeping statements every month. Your bookkeeper is a key component to ensuring that your business is running smoothly, cash flow is working correctly, and helping the business owner understands how their business health really is.

      Shauna the Tax Goddess.

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PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
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