Tax Planning

RIA Releases Preliminary 2015 Tax Items

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

2013 Business Year End Planning Reminders

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

2013 Individual Tax Year End Reminders

High income taxpayers will be subject to both new taxes & loss of deductions in 2013.  Tax planning is the key to tax savings! As 2013 draws to a close, here are a few reminders of the changes in effect … read more

Don’t Miss Out on Taking Your 2013 Arizona State Tax Credits!

If you are an Arizona resident, you may want to take advantage of the following Arizona tax credits which are a dollar for dollar reduction in Arizona tax.  Among the numerous credits available to Arizona residents are:    1. Credit for Contributions to … read more

Various Tax Benefits Increase Due to Inflation Adjustments for 2014

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

2013 Tax Strategies – Sooner is Better than Later…

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

Abandonment May Be A Good Thing – Get Rid of Capital Call Payments

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

Same-Sex Marriage Recognized for Federal Tax Purposes

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

Free App for iPhones with the 2013 Tax Rates (and 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

Can I Deduct Rent Paid to a Related Party?

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


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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