Deductions

Deducting the iPhone 6

Sleeker design, a bigger display, faster performance, an upgraded camera, longer battery life, third-party keyboard support, Touch ID, and Apple Pay. The iPhone 6 sounds pretty great. If you use a cell phone for business, should you rush out and … read more

Deducting Moving Expenses

One of the most common reasons for packing up and making a move is for career purposes. Moving and career changes are also both typically found in psychological studies to be among the most stressful of life events. But don’t … read more

Establishing that Debt is Bona Fide Debt

Recently, there have been a number of cases disallowing bad debt deductions, particularly for loans to shareholders and related parties. If a related party loan becomes worthless, it is treated no differently from a debt to an unrelated party. Of … read more

Deducting Job Hunting Expenses

If you’ve found yourself making career changes this year, you may be able to deduct some of the job hunting expenses that you incurred on your next tax return. Deductible job search costs can include: Resumé costs – any expenses … read more

When Mortgage Interest May Not be Deductible

We all assume that we can deduct interest paid on our personal residence, but that is not always the case. Personal versus business interest generally is not deductible. Section 163(h) prohibits an individual taxpayer from claiming a deduction for personal … read more

Don’t Lose Your Deduction: Substantiating Vehicle Use

Tax law surrounding business vehicles can be convoluted (or any tax law for that matter). The following will give you guidance on what you may need to present to the IRS if your vehicle use deduction is ever challenged. A … read more

Deducting Travel Costs Related to Volunteer Work

When not spending these hot summer days at the pool, golf course, or the air conditioned great indoors, many people take time out of their summer schedules to volunteer with a local charity. Volunteering often involves traveling to and from … read more

Tax Deduction for Non-Dependent Medical Expenses

Most of us know that qualified medical expenses are tax deductible when paid for a qualified dependent. But what about medical expenses you pay for someone who does not qualify as your dependent? Not hard to imagine it happening these … 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

Medical Expense Deductions: Changes in 2013

Most people around the country may not pay much attention to medical expenses, because in order to take a deduction, the rule is that you needed a lot of expenses. That is because until January 1, 2013, you needed medical … read more

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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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