The American Opportunity and Lifetime Learning tax credits were created to subsidize the cost of college education. Generally, the credits are based on qualified costs of education, namely, college tuition and fees, books, supplies and equipment. Those qualified costs must … read more
With the cost of education climbing and more students graduating with record student loan debt, many college students and families unintentionally miss out on education tax breaks because of the complexity of tax-based student aid. In 2013, families with college … read more
Once the euphoria of receiving a scholarship starts to subside you might start to wonder what kinds of strings are attached. Thankfully this is one of those few instances where you can receive a large payment and not have to … 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
In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of … read more
Have you heard of a Section 529 Plan? A Section 529 plan is an educational savings plan usually operated by individual states. These types of plans are structured to encourage families to put aside funds for future education expenses for … read more
When a trusted advisor tells you that the project you are waiting for will be done by the end of the week, you expect the project to be done by the end of the week. When Friday rolls around and … read more
Since 1957, Henry & Horne, LLP has been one of the leading accounting firms in Arizona. One of the reasons is our Tax Internship program. The first intern started back in 1996, and through the years there have been 17 … read more
As I mentioned last week, Andrea Hejnal-Hilger and I have volunteered to teach Volunteer Income Tax Assistance (VITA) volunteers how to prepare tax returns. So, we have both completed our certification process through the Advanced level, which is required in … 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!
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