Every year the IRS reports the most common mistakes that taxpayers make on their return. One of them is that taxpayers often overlook deducting out of pocket costs incurred while during work for a charity. If you drove your car … read more
Donor advised funds allow a taxpayer to put money in diversified investments, take an immediate charitable deduction and recommend where grants should go later. Mutual funds, such as Vanguard and Fidelity, local community foundations, universities and other organizations operate such … read more
The value of a volunteer’s time, blood, sweat and tears are not tax deductible; but, their out-of-pocket expenses are deductible if certain documentation requirements are met. Maintain adequate records. Retain cash register receipts and invoices to prove the amount of the … 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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