The Arizona legislature has established a pro rata income tax credit for an S corporation that donates to a school tuition organization (STO) for tax years beginning on or after 1/1/2015. To qualify for the credit, the aggregate amount of … read more
If you hire employees of a “targeted group” (defined below), you may be eligible for the Work Opportunity Tax Credit (WOTC). The IRS has granted a transitional relief period until April 30, 2015 (originally this was 28 days after hire … read more
Childcare is a challenge for a lot of parents around the country, especially when both parents work. Knowing how to take advantage of the tax provisions for child and dependent care can help at tax time. The Child and Dependent … read more
Are you a low-to-moderate income worker? If so, the saver’s credit allows you to save for your retirement while also saving on your taxes with a special tax credit. Save for retirement. The formal name of the saver’s credit is … read more
With 2014’s year-end quickly approaching, it is important to be aware of ways to lower your income tax. The below Arizona tax credits may offset your Arizona tax dollar for dollar and are applicable for 2014 individual tax returns: Credit … read more
Sending a child to school is expensive. Really expensive. I have 2 sons in college and the costs of tuition, books, and extracurricular activities add up quickly. Fortunately, there are tax credits you can take advantage of to help offset … read more
The American Opportunity and Lifetime Learning tax credits were created to subsidize the cost of college education. Generally, the credits are based on qualified costs of education, namely, college tuition and fees, books, supplies and equipment. Those qualified costs must … read more
Do you feel like you are unique? Don’t follow the crowd? Go your own way? Well, if you went against your norm and followed the pack and were one of the 7.1 million people who signed up for health insurance … read more
Did you know that while many tax rules are permanent, others are written to expire at some point in the future? These expiring items are often granted a temporary extension, but a significant number of popular “extenders” terminated at the … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Mom and Dad, help! I want to buy a house!
- IRS Online “Get Transcript” Service Gets Hacked
- Pushing for Tax Reform – Cash Method of Accounting
- Exemption Due to Marketplace 1095-A Error
- IRS Marks National Military Appreciation Month
- Tax Benefits of Hiring Children to Work in the Family Business
- ADOR Provides Additional Guidance on Prime Contracting Classification
- Benefits of a 529 Plan for Arizona Taxpayers
- Bill Passed to Enhance College Tuition Plans
- AZ Expands School Tuition Organization Credit to S Corps