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
So every January, our tax committee spends hours organizing and planning for tax season. So much thought is put into training on the updates in the tax software, making sure the processes and procedures have been tweaked and are in … read more
With the close of 2012 just over the horizon, here’s some quick planning reminders about 2012/2013. 1. The 2% payroll tax break will expire at end of 2012 (unless extended with new legislation). Instead, 2013 wages and self-employment earnings over $200,000 … read more
IRS has announced the 2013 cost-of-living adjustments (COLAs) for retirement plans. The following are not all inclusive. The following plan limits are increased effective January 1, 2013: • Defined benefit plans. The limitation on the annual benefit under a defined benefit … read more
Does the United States Only Consist of the District of Columbia, Federal Territories, and Federal Enclaves?
Here’s a frivolous tax argument that some individuals and groups make that seems to go a bit contrary to what I think most people would otherwise contend. That the United States consists only of the District of Columbia, federal territories … read more
Have you been looking for an opportunity to make a difference in your community, using your brain and people skills? If so, why not become a tax volunteer with the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the … read more
Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns. … read more
We in the tax compliance and tax planning business may not always agree with the IRS and may even have disagreements about applicability of certain code and regulations. However, we do agree with many of these items. It is very … 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!
- New Market Credits
- Claiming the Child and Dependent Care Tax Credit
- Tax Rules on Early Withdrawals from Retirement Plans
- How You Can Get Prior Year Tax Information from the IRS
- Parents and Students: Check Out College Tax Benefits
- Tax Guidelines for Children Who Have Investment Income
- IRS Warns Donors about Charity Scams Following Recent Tragedies in Boston and Texas
- California Waives the Mandatory E-Pay Penalty for 4.15.2013 Payments
- Eight Facts on Late Filing and Late Payment Penalties
- Arizona TPT Tax Rate is Going Down Effective June 1, 2013