Every year certain tax items are adjusted for inflation including standard deduction amounts, tax tables, and earned income credit. Although the official release of these items is required by the IRS by December 15, 2014, here is an unofficial look … read more
Below are some important tax provisions that may affect your business before the end of the year. 1) Bonus Depreciation – the 50% bonus depreciation on purchases of new equipment is available for 2013 but is currently not available in … read more
The Internal Revenue Service has announced its 2014 inflation adjustments for various tax provisions, tax rate schedules and other tax changes. Listed below are the 2014 rates for items of the greatest interest to most taxpayers. • The tax rate of … read more
Taxpayers often wait until December to start thinking about their year-end tax strategies. If you are looking to keep more of your money in your own pocket, you may want to rethink that plan. It is essential to know where … read more
Tired of making those capital call payments on an investment partnership that may never recover its value? Consider abandoning it. If the value is depressed and recovery is nowhere in sight, why continue to throw money at it. By abandoning … read more
The U.S. Department of the Treasury and the Internal Revenue Service ruled on 8/29/13 that same-sex couples legally married in jurisdictions that recognize their marriages will be treated as married for federal tax purposes. The ruling applies regardless of whether … read more
As you are probably aware, there are infinite apps available for downloading to your smartphone. Many of them are free if you are willing to be bombarded with ads. However, who knew that you could now get a free app … 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!
- Do you have a household employee?
- The IRS Now has a Mobile App for You
- The Benefits of an Estate Plan for Your College-Age Children
- Minnesota CPAs’ List of Outrageous Tax Deductions
- Taxation of Professional Athletes: The Jock Tax
- Home Interest Deduction – Even When It’s Not in Your Name
- The IRS Says You’re No Longer Represented by Your CPA
- Marital Status? For Some LGBTQ Couples, It’s Complicated
- Need Help with Finding Tax Information?
- Save on Taxes While Growing Your Business