There was a time that determining the correct home office deduction was complicated and could lead directly to an audit. Luckily, those days are in the past. The IRS no longer considers a home office a red flag, and they have … read more
The IRS gives guidelines on what is deductible for individuals to take on Schedule A of their individual income tax returns, as well as business expenses or casualty losses. People tend to make their own interpretations of the IRS guidelines … read more
So you had a good year and you’re looking around for tax deductions to help ease the pain come April 15th. Then you remember that your church has their annual charity auction coming up and they are always looking for … read more
The Ninth Circuit Court of Appeals overturned a Tax Court case which had disallowed two California domestic partners from each deducting mortgage interest up to the $1.1 million limit. The Tax Court held that the $1.1 million mortgage interest deduction … read more
Football season is here! Are you going to the game? Tailgating? Deducting sporting event tickets? As most companies like to take clients out to sporting events and deduct tickets, please keep in mind that you need to meet certain criteria … read more
Business travel can be an expensive and time-consuming activity for both the employer and employee. It also can create tax headaches for all involved unless the rules are followed properly. If it’s done right, business travel will be fully deductible … read more
For some reason CPAs are not known for a great sense of humor. So it’s refreshing to see the Minnesota Society of Certified Public Accountants (MNCPA) release an annual list of the most outrageous tax deductions clients tried to take … read more
There are various circumstances where a taxpayer could be making payments on a mortgage, but not hold legal title to the property. One example could be, the child of a taxpayer that could not obtain financing, so mom and dad … read more
January is here again. If you’re anything like me, you’re setting a goal – again – to drop some pounds and commit to a healthier lifestyle in the New Year. Can we hope for a tax deduction to increase our … read more
Giving to charity can be very rewarding. It not only helps the community but can also provide a benefit on one’s tax return. Charitable donations are reported on Schedule A in itemized deductions on an individual’s tax return. The following … 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 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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- Simplified Method for Home Office Deduction
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- Make Your CPA Fall in Love During Tax Season
- Interesting Tax Deductions
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- It’s About Time! R&D Tax Credit Now Permanent