Arizona tax

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

IRS Releases Health Care Information Reporting Draft Forms

The Affordable Care Act is requiring nonexempt individuals to have minimum essential coverage or to pay the individual shared responsibility payment. On July 24, the IRS released the draft forms that the providers of health care must use to fulfill … read more

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

Congress Eyes Legislation to Extend Expired Tax Provisions

On Monday, September 15th, the American Institute of CPAs (AICPA) sent a letter to Congress urging them to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the … read more

What You Need to Know about Arizona’s Sales Tax Reform

There are big changes ahead for the transaction privilege tax (TPT) in Arizona. Legislation signed in 2013 concerning Arizona’s sales tax reform will become effective January 1, 2015, and with that, business owners will need to make adjustments to make … 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

Understanding Unreimbursed Employee Business Expenses

Oftentimes employees will be asked to pay for job-related expenses out of pocket. Some companies have a reimbursement plan where the employee will submit an expense report with all necessary documentation (receipts, mileage log, etc.) and will receive a check … read more

New Forms Simplify Streamlined Offshore Compliance Program

The IRS has made several recent changes to their offshore compliance programs in order to assist taxpayers who wish to come into compliance, as well as ease the resulting tax burden. These streamlined filing procedures are designed only for individual … read more

Welcome


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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