News | Scottsdale | Chandler | Phoenix

New Partner Announcement | Christopher T. Coots, CPA, PFS™, J.D.

Written January 3, 2019 by Barbara Dillon

Categories: News

Effective January 1, 2019, Christopher T. Coots, CPA, PFS™, J.D. was promoted to Partner, Scottsdale, AZ, bringing Wallace Plese + Dreher’s (WP+D) total number of partners to 13.
With over 20 years of professional accounting experience, Chris provides comprehensive tax planning and consulting services to individuals, partnerships, corporations, estates and trusts. He serves clients in a variety of industries, including technology, health care, manufacturing, and real estate. Working with privately-held businesses and their owners, he develops tax plans maximizing cash flow and minimizing tax liabilities. His hands-on collaborative approach effectively and efficiently guides clients on diverse business matters.

Claiming AZ Tax Credits | Public Schools | QCOs | QFCOs

Written February 19, 2019 by Barbara Dillon

Categories: News

The Arizona Department of Revenue (ADOR) reminds taxpayers there is a new process for claiming credits for public schools, qualified charitable organizations (QCOs), and qualified foster care organizations (QFCOs) this tax filing season.

Guidance on Sec. 199A Deductions

Written February 1, 2019 by Barbara Dillon

Categories: News

The new Qualified Business Income (QBI) deduction, created by the 2017 tax reform law known as the Tax Cuts and Jobs Act (TCJA), allows many statutory employees, owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Eligible taxpayers can also deduct up to 20 percent of their qualified real estate investment trust (REIT) dividends and publicly-traded partnership income.

Padding Tax Deductions | Gambling with the IRS

Written January 11, 2019 by Barbara Dillon

Categories: News

Consequences of padding tax deductions is serious and you are gambling with the IRS. Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” With that in mind, it is best to be prepared, at least financially, for taxes and tax season each year.

2018 Medical and Dental Expenses | Deductions | Arizona

Written December 27, 2018 by Barbara Dillon

Categories: News

Deducting medical and dental expenses is complicated. Your deductions must exceed 7.5 percent of your adjusted gross income and need to fall into an IRS-approved category. Deductible medical expenses may include, but are not limited to, doctors, dentists, surgeons, chiropractors, insulin, prescription medications, acupuncture, and transportation to qualified medical care.

2018 Cubicle and Office Decorations Contest

Written December 19, 2018 by Barbara Dillon

Categories: News

During the week of December 19, 2018, WP+D held its first annual Christmas and Seasonal cubicle and office decorations competition. All employees were invited to tastefully create and display a theme of their choice in our Chandler and Scottsdale offices.

Retirement Planning | Savings Rules | Scottsdale | Chandler | Arizona

Written December 10, 2018 by Barbara Dillon

Categories: News

Tax-saving opportunities continue for retirement planning due to availability of traditional and Roth IRAs and other retirement savings incentives. Opportunities include traditional IRAs, rollovers, and conversions.

2018 Arizona Tax Credits

Written December 8, 2018 by Barbara Dillon

Categories: News

Arizona provides two separate nonrefundable tax credits for individuals who make contributions to charitable organizations: Qualifying Charitable Organizations (QCO) and Qualifying Foster Care Charitable Organizations (QFCO). Individuals making cash donations to these charities may claim donations as tax credits up to the allowable amount on their Arizona individual tax returns. Below is a summary of the 2018 Arizona tax credits.

Have You Outgrown Your Accounting Firm?

Written October 8, 2018 by Barbara Dillon

Categories: News

Collaboration with your Arizona accounting firm should be part of your process when making business decisions. You should feel your accounting firm listens and helps you make strategic moves to grow your company. Your firm should have insights into expanding your business and guidance for avoiding obstacles. Only an accounting firm with experience directing other growing companies can help your company.

Retirement Planning | Agriculture | Farming | Arizona

Written September 21, 2018 by Barbara Dillon

Categories: News

You have devoted a lot of time in managing and operating your agriculture business. When you no longer want to operate your business or reach a retirement stage, are you prepared?