Welcome Guest. Register Now!  


Arizona AZ


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-04-2009, 09:38 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
What are some of the 2008 Tax Law Changes for Arizona Personal Income Tax Returns

The State of Arizona Department of Revenue has announced the following as some of the 2008 Tax Law Changes to the Arizona Personal Income Tax Returns as follows;

1.For 2008, taxpayers may pay thieir personal income taxes by e-check or credit card.
This option is available to electronic and paper filers. A taxpayer may use an e-check or credit card to pay any of the following:

• Your quarterly estimated payment
• The amount due on the original income tax return
• A payment made with your extension request
• The amount due on an amended return
• Any notice issued to you by the department for a
tax-due amount

Also, when a taxpayer pays their estimated income tax by e-check or credit
card, they are not required to file a coupon (Form 140ES).

If you make an extension payment using an e-check or credit card and you are filing under a federal extension, you do not need to file a paper extension request (Form 204).

For more information about paying by e-check or credit card, taxpayers can visit the Arizona Department of Revenue web site at www.azdor.gov.


2.New Subtraction for Contributions to 529 College Savings Plans
For taxable years 2008 through 2012, taxpayers may take a subtraction for amounts contributed to 529 college savings plans during the taxable year. Taxpayers may subtract the amount that has been contributed during the year up to a total of $750 ($1,500 for a married couple filing a joint return).

If taxpayers file married filing separate returns, either the taxpayer or the spouse may take the subtraction, or they may divide the subtraction between themselves. The total subtraction allowed to both the taxpayer and his or her spouse cannot be more than $1,500.

3.New Addition for Nonqualified Withdrawals From 529 College Savings Plans
The taxpayer must make an addition to income if he or she received a nonqualified withdrawal from a 529 college savings plan and the withdrawal was not included in his or her federal adjusted gross income. The amount that the taxpayer must add is the amount withdrawn, but no more than the difference between the amount of contributions subtracted in prior years and the amount added in any prior years.

4.For 2008, Taxpayers may now E-File their Arizona Extension Request.
Taxpayers can now "leave the paper behind and e-file their Arizona extension request." Taxpayers can visit www.azdor.gov for e-file requirements.

5.For 2008, the Standard Deduction is Indexed for Inflation.
For 2008, the standard deduction for a single taxpayer or a married taxpayer filing a separate return has increased from $4,373 to $4,521. The standard deduction for a head of household or a married couple filing a joint return has increased from $8,745 to $9,042.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Where is the California Income Personal Income Tax Tables for 2008? TaxGuru California 0 07-14-2009 01:03 PM
K-1 losses to personal returns j20a00g S-Corporation 1 01-30-2009 10:37 PM
How many Corporation Income Tax Rates does Arizona State have for Tax Year 2008? TaxGuru Arizona 0 08-30-2008 09:12 PM
How many Individial Income Tax Rates does Arizona State have for the Tax Year 2008? TaxGuru Arizona 0 08-23-2008 09:51 PM
What are Arizona State's Personal Tax Exemptions for the tax year 2008? TaxGuru Arizona 0 08-23-2008 09:31 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.