Credits

Do You Qualify for the Child and Dependent Care Credit?

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should … read more

AZ Expands School Tuition Organization Credit to S Corps

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

Work Opportunity Tax Credit – You May Still Qualify for 2014

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

Child and Dependent Care Expenses for the Working Parent

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

Save Twice with the Saver’s Credit

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

2014 Arizona Tax Credits

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

Going to School? Get a Break with the American Opportunity Tax Credit

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

Tax-Free Student Aid vs. Education Credit

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

How Can a Change in Income Have Unexpected Consequences?

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

It’s the End of the Line for Some Popular Credits and Deductions

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


Welcome


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.


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