June 10, 2019
Attention Arizona taxpayers, the time has finally come! Arizona legislature has determined the degree to which Arizona tax law will conform to the Internal Revenue Code. The Arizona Department of Revenue has provided the following guidelines for individual taxpayers for tax year 2019:
- The standard deduction will match the federal standard deduction amounts.
- Personal and dependent exemptions will be removed.
- Allow $100 child tax credit per dependent under 17 years of age. Allow $25 child tax credit per dependent 17 and older.
o Phase out for the child tax credit will begin at federal AGIs greater than $200,000 for single, married filing separate and head of household tax filers. ($400,000 if married filing joint)
- Allow an increase to the standard deduction by 25% of the charitable donations that would have otherwise been claimed as an itemized deduction.
- Tax brackets have been lowered and condensed from five brackets to four.
Planning for the upcoming tax year is always beneficial to avoid any year-end surprises. Schedule your mid-year tax planning appointment with our office.