Arizona small businesses may elect to file a separate small business income tax return to report their share of Arizona small business gross income. A taxpayer makes the small business income tax election by timely filing a Small Business Income Tax return along with their timely filed individual income tax form.
What are some common tax myths and facts about filing taxes? If you file a tax extension, do you still need to pay taxes owed? Are minor children required to pay taxes on income?
Senate Bill 1783 allows individual taxpayers to elect to have their Arizona small business adjusted gross income removed from their regular individual income tax return and taxed on a separate Arizona small business income tax return. For taxable years beginning from and after December 31, 2020, a small business taxpayer may elect to file a return for the taxable year with the Arizona Department of Revenue (ADOR) to report that small business taxpayer’s share of Arizona small business gross income.
Special rules allow limited charitable deductions even for taxpayers who do not itemize. Also, there are other donation changes for individuals and businesses. Learn how to take advantage of these opportunities now.
For 2021, families will begin receiving early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit. If the IRS processed your 2020 tax return or 2019 tax return, these automatic monthly payments will begin on July 15 through December 15, 2021, based on the information contained in that return.