In general, commuting costs are nondeductible. There is no deduction available for traveling between your home and your normal work location. But how does that change if your home is your normal work location? First of all, you need to … read more
Taxpayers pay for a lot of things over the course of the year, and they would like to claim as many of their expenses as possible as deductions on their tax returns. Learning what types of expenses qualify for a … read more
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
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.
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!
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