Collings Tax Firm, LLC

07/16/2025

We offer business tax services, including strategy, compliance and return preparation. From quarterly filings to year-end planning, we help minimize liabilities and maximize tax breaks — so you can stay focused on growing your business. Whether you’re a sole proprietor, C corporation, S corporation, partnership or LLC, let us simplify taxes for you. Contact us at (520) 321-1334.

07/15/2025

Worried about market volatility and losses in your portfolio? Remember, losses aren’t truly losses until they’re realized; in other words, until you sell an investment for less than what you paid for it. If you hold on to the investment, it might recover. But if you do decide to sell, know that realized losses have a silver lining: They can offset realized capital gains. So if you’re sitting on appreciated assets, this could help you divest tax efficiently. Call us at (520) 321-1334 for more information. (Also, keep in mind that there are important factors to consider besides taxes.)

07/14/2025

Few estate planning subjects are as misunderstood as probate. It’s a legal procedure in which a court establishes the validity of your will, determines the value of your estate, resolves creditors’ claims, provides for the payment of taxes and other debts, and transfers assets to your heirs. Depending on applicable state law, probate can be expensive and time consuming. There are strategies to avoid (or minimize) probate. For smaller estates, title assets in a manner that allows them to be transferred directly to your beneficiaries outside your will. Contact us at (520) 321-1334 with questions.

07/11/2025

The IRS Whistleblower Office (WBO) plays a key role in tax collection. The federal tax system relies on voluntary compliance, investigations, data analytics and information from people with knowledge of noncompliance. A tip that leads to the collection of proceeds may result in a valid claim for a cash award. What makes a claim valid? To qualify for an award, a claim must provide specific and credible information regarding tax underpayments or violations. Generally, an award ranges from 15% to 30% of the proceeds collected that are attributable to information from the tipster. Contact us with questions at (520) 321-1334 and learn more about the WBO claim process here: https://bit.ly/3RleVWh

07/09/2025

Struggling with tax debt? An Offer in Compromise (OIC) might be the solution if you’re eligible. The IRS allows qualified taxpayers to settle their debt for less than the full amount owed. If you're facing financial hardship, an OIC can help you get back on track while avoiding overwhelming penalties. The process requires proper documentation, negotiation and a $205 nonrefundable application fee. Be aware that most offers aren’t accepted. But in the right situation, it can significantly reduce an individual’s tax burden. Contact us at (520) 321-1334 to see if you’re a candidate.

07/08/2025

Tax savings alert for employers: The Work Opportunity Tax Credit (WOTC) can help your business save thousands in taxes. It involves hiring individuals from targeted groups, including veterans, ex-felons, the long-term unemployed and SNAP recipients. The maximum credit is generally $2,400 per eligible adult employee. But it can be as much as $9,600 for certain veterans. It’s a win-win: You can support your community while improving your bottom line! Let’s talk about how your business can take full advantage of this powerful credit. Contact us at (520) 321-1334 to learn more.

07/07/2025

Avoid underpayment penalties by staying on top of estimated tax payments and paycheck withholding. If you expect to owe at least $1,000 in taxes after subtracting credits and withholding, quarterly estimated payments may be required. Withholding and estimated payments must generally cover 90% of this year’s tax or 100% of last year’s tax (or 110%, depending on your income). Unsure if you’re on track? Let’s review your situation now to help avoid surprises when you file your 2025 return next year. Call us at (520) 321-1334.

07/04/2025

If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA) up to certain limits. Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts HSA and HDHP contribution limits for inflation. For 2026, the maximum HSA contribution amount for individuals will be $4,400 ($4,300 for 2025) and $8,750 ($8,550 for 2025) for family coverage. The minimum HDHP deductible for individuals will be $1,700 ($1,650 for 2025) and $3,400 for family coverage ($3,300 for 2025). The maximum HDHP out-of-pocket cost will be $8,500 for self-coverage ($8,300 for 2025) and $17,000 for family coverage ($16,600 for 2025). Contact us at (520) 321-1334 with any questions.

07/02/2025

How much time did you spend on accounting and bookkeeping last month? What if you could reclaim those hours and reinvest them in your business — or yourself? Contact us at (520) 321-1334 to turn your financial chores into strategic opportunities. We can handle these time-consuming tasks for you and provide insights to help your small business thrive!

07/01/2025

Proper payroll recordkeeping is critical for every business to ensure tax compliance and guard against litigation. Most companies must keep information regarding federal income, Social Security and Medicare taxes for at least four years after the due date of an employee’s personal income tax return for the year in which the payment was made. This is known as the “records-in-general” rule, and various data and documents fall under it. Contact us at (520) 321-1334 to schedule a review of your payroll recordkeeping processes today!

06/30/2025

Estate planning isn’t just about having a will drafted — it’s about protecting your legacy and giving your loved ones peace of mind. Our estate planning services can help you organize your financial affairs, minimize your tax burden and ensure your wishes are carried out as you intended. Contact us at (520) 321-1334 to help you take control of your future and leave nothing to chance.

06/28/2025

Effective bookkeeping isn't just about tracking expenses, it's key to business growth! From smarter decisions to easier tax time and stronger cash flow, good records keep your business on track. https://bit.ly/4k92qt2

📞:(520) 321-1334

As a business owner, managing your finances effectively is one of the most important aspects of running a successful operation. Bookkeeping, the process of recording and organizing financial transactions, provides the foundation for making informed decisions, maintaining compliance, and planning for...