Randy Tudor's (Arizona Tax Relief) Blog

For most small business owners, tax season can often feel like navigating through a maze of complex regulations and opportunities. Among the many decisions to be made, one stands out for its potential to significantly impact your tax obligations and operational flexibility: electing to have your ...

The SECURE 2.0 Act, signed into law as part of the federal Consolidated Appropriations Act of 2023, introduces significant changes for individuals with overfunded 529 plans. One of the most notable provisions allows for the tax-free transfer of funds from an established 529 account to a Roth IRA ...

"Mileage Apps: Your New Best Friend"Let's face it, realtors, we know you spend more time in your cars than a teenager does on TikTok. And while we can't deduct the hours spent belting out show tunes in traffic, we can deduct the miles driven for business purposes. So, download a mileage app and s...

Small Business Taxes: Choose Wisely, Prosper ImmenselyHello, small business owners and professionals! Today, we're going to talk about a topic that's as essential to your business as the air you breathe - taxes. Yes, taxes! Now, before you click away, let's approach this with an optimistic lens. ...

As a realtor, you may find yourself working from home often. The digital age has made it easier for professionals like you to operate from anywhere, including the comfort of your own home. The Internal Revenue Service (IRS) recognizes this and allows a home office deduction for those who qualify....

Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include: Payroll withholding for employees;  Pension withholding for retirees; and  Estima...

The Internal Revenue Service continues to be significantly behind in processing returns, payments and issuing refunds. We have many clients still waiting for their refunds going back to 2020 income tax returns filed back in February and March 2021. IRS is experiencing the same problems as the res...

Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and COVID tax relief has made many changes; the paperwork required to file proper tax returns is often convoluted. This is especially true if you're filing your taxes yourself. Th...

The IRS has restarted issuing notice CP508C to taxpayers with “seriously delinquent” tax owed and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal taxes.  The U.S. Department of State generally will not renew a passport or issue a new passport to ...

What do you do when you find out the real estate deal you were about to close is held up, or might not close at all, because your client has a federal tax lien filed against them? What do you advise them to do? How many more transactions could you close if your clients didn’t have IRS Problems?It...