There are now two ways to calculate the deduction for the business use of the home, also called the home office deduction. The first way is using actual expenses. The taxpayer first calculates the percentage of space in the home … read more
You are going on a business trip and bringing your spouse. It would be nice if you could deduct some of their expenses as well as your own, but is that allowed? The rules for deducting a spouse’s travel costs … read more
Just because you are paying rent to a related party doesn’t mean that you can pay whatever you want or get by without a rental agreement if you want your deductions to hold up. Related party rent is an issue … read more
The job market is becoming increasingly competitive as more and more people seek new employment opportunities. Searching for a new job may be a daunting task, but the good news is you can deduct these expenses on your 2013 tax … read more
Governor Jan Brewer signed a depreciation bill on Wednesday, June 26, which eliminated the cap on Section 179 expense deductions for tax years beginning on or after January 1, 2013. According to a recent article on CNBC, it is expected … read more
Repair, installation and maintenance companies in Arizona have often been classified as contractors for purposes of transaction privilege tax (TPT). While this allowed them to purchase supplies tax-free, it subjected them to the standard 30% contractor deduction for labor, regardless … read more
The Arizona legislature is out of session – but not before they made some favorable changes – if you are an individual taxpayer! Beginning September 13, 2013 and retroactively effective to December 31, 2012, Arizona taxpayers with §529 college savings … read more
Giving to charity may make you feel good and help you lower your tax bill. 1. If you want a tax deduction, you must donate to a qualified charitable organization. You cannot deduct contributions you make to an individual, a … read more
The IRS issued a tax tip on six important facts about dependents and exemptions. While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. Remember that a … read more
Meal and entertainment expenses incurred for business purposes are very common, and necessary. Unfortunately, many businesses do not include the proper documentation for these expenses, and leave themselves open to IRS disallowance upon audit. These expenses require you to jump … 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.
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