Part I examined Form 1040 itself. This part covers related forms and schedules. Form 1040—Schedule A, Itemized Deductions Line 1. Medical and dental expenses. The 2013 standard mileage rate for medically-related use of an auto is 24¢ per mile. Line … read more
With the start of tax season on Jan. 31, the IRS has now released on its website final tax forms and instructions for the 2013 Form 1040 and its related schedules. The instructions to the Form 1040 for 2013 carry … read more
Claiming a deduction for the business use of the home can be confusing to some taxpayers, and they can easily end up overstating or understating this deduction. Assuming that part of the home is used in a way that qualifies under … read more
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
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!
- President Obama’s 2015 Budget Plan Aims to Enforce Taxpayer Compliance
- Updated IRS App for Smartphones
- IRS Releases the “Dirty Dozen” Tax Scams for 2014
- Which Tax Form Should You File?
- IRS Allows Extension for Small Estates that Want Portability
- New Estate Planning Dilemma: Portability or a Credit Shelter Trust
- The Tonight Show and Taxes
- Filing Deadline: 2010 FICA Protective Refund Claims for Severance Pay
- Don’t Stop ’til You Get Enough
- Call and Wait is Annoying – You Just Want Answers from the IRS!