Robert F Hockensmith, CPA, PC

There are lines and then there are fine lines that can be read to understand better about the available options for deductions on tax returns. Shaun and Penny, a married couple and parents of two children, wanted to make the most of the available options. They are aware that there are other tax deductions you can also deduct, in addition to the standard deductions. So, this week we will discuss deductions that are available to be used on your tax return, even if you DO NOT itemize. bit.ly/azmg180
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Deductions allowed when you do not itemize - AZ Money Guy Deductions allowed when you do not itemize by Robert Hockensmith | Jun 17, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFollowFo...

Now is the time to act smart, so that you can cut down your taxes by ensuring your basis on your investments is correct. Pauline, an entrepreneur who had just invested in her own startup, was aware of this. She knows that following the tricks of the trade now may help in cutting down on taxes at the end of the budget year.

So, here’s the lowdown on getting it right; to your benefit. bit.ly/azmg0170
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Basis, Capital Gains, and Losses - AZ Money Guy Basis, Capital Gains, and Losses by Robert Hockensmith | Jun 10, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFollowFollowFollow...

To err is human and errors happen sometimes, especially if you must hurriedly prepare for your tax returns like Charlie. But to Charlie’s relief and for many like him, there are some options. So, this week we will discuss how to correct any information that you accidentally omit from or put incorrectly on your tax return. bit.ly/azmg0160
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Tax Return Corrections and Tips for next Tax Year - AZ Money Guy Tax Return Corrections and Tips for next Tax Year by Robert Hockensmith | Jun 3, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFo...

The tax season is almost ending, and like any other law-abiding, tax-paying citizen of the country, Chris is aware of his options. He knows that there are four ways to pay the personal income taxes. For convenience and efficiency, these are the available options:
Here are some tips you should know: bit.ly/azmg150
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Paying Income Taxes and Estimated Taxes - AZ Money Guy Paying Income Taxes and Estimated Taxes by Robert Hockensmith | May 27, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFollowFollo...

We have only a few DAYS left before the filing season is over. Extending the due date of filing your returns will let you file up to October 15th this year. BUT it does not give you extra time to pay any taxes owed. Usually, Dennis and Karen are diligent about filing their tax returns, and that explains why they prepare early. That way they have time to go through last-minute checks and cross-checks to reduce or cut any mistakes in the process. But, in case you are unable to meet the deadline, you should know about your options.

Many of us are still scrambling to get our taxes together. So, if you are not prepared to file the tax return by the April deadline, what happens if you can’t get your taxes done by the due date? If you need more time, you can get an automatic six-month extension from the IRS. You don’t have to explain why you’re asking for more time, either.
Here are a few important things to know about filing an extension: bit.ly/azmg0014
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Tax Extensions and Penalties - AZ Money Guy Tax Extensions and Penalties by Robert Hockensmith | May 20, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFollowFollowFollowFoll...

Here we are at the April tax deadline. But if you have started preparing early like Dave and Julia, then you have enough time left to cross check what you did. This will ensure the reduction or elimination of any mistakes in the process. People often make the same mistakes every year, so here are a few last-minute tips to remember: bit.ly/azmg1300
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Common Tax Filing Mistakes - AZ Money Guy Common Tax Filing Mistakes by Robert Hockensmith | May 13, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFollowFollowFollowFollow...

If there is an income, there usually is a tax on it. This week, we discuss what type of income must be reported on tax returns. Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable, unless the law specifically excludes it.
Some types of income are NOT TAXABLE except under certain conditions, including: bit.ly/azmg1200
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Tips about Taxable and Nontaxable Income - AZ Money Guy Tips about Taxable and Nontaxable Income by Robert Hockensmith | May 6, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 FollowFollowFollo...

When you start planning early, you have time on your side to help you compare between distinct options and choose the best for yourself. While filing your tax return, you usually have a choice of whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods. Then choose the one that allows you to pay the lower amount of tax. The one that results in the higher deduction amount often gives you the most benefit.

The IRS offers these tips to help you choose: bit.ly/azmg1100
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Itemizing vs. Standard Deduction: Three Tips to Help You Choose - AZ Money Guy Itemizing vs. Standard Deduction: Three Tips to Help You Choose by Robert Hockensmith | Apr 29, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264....

Who doesn't aspire for peace of mind during the sunset years? Well, everyone does! We all know that to have a good retirement, you must start saving early in life. Bob and Devin know that saving for retirement will not only help them financially for the future but will also direct them towards helping themselves this year, too. Disciplined savers will only get closer to their retirement dream. So, this week, let's discuss the Retirement Savings programs that encourage taxpayers to save for the future.

You can boost your retirement savings even more this year, thanks to the higher limits on some of the most popular savings strategies. Stretch your budget to take maximum advantage of these new limits, especially as studies show most of us save way too little.
Here are some retirement savings plans that are available: bit.ly/azmg0100
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Retirement Savings Tips and Making IRA Contributions - AZ Money Guy Retirement Savings Tips and Making IRA Contributions by Robert Hockensmith | Apr 22, 2026 | 52 Tax Tips and Weekly Financial Blog | 0 comments Learn how to pass on more of your wealth to your heirs and pay less to the government before it's too late! Click here... Address & Map (602) 264 - 9331 Foll...