The Affordable Care Act has small business owners wondering how to take advantage of this tax credit. So, how do you know if your business qualifies? To qualify for a small business tax credit of up to 50% (35% for … read more
The American Opportunity and Lifetime Learning tax credits were created to subsidize the cost of college education. Generally, the credits are based on qualified costs of education, namely, college tuition and fees, books, supplies and equipment. Those qualified costs must … read more
Clients often struggle with the task of selecting an appropriate Trustee for their trust. An excellent article by Charles Redd “The Most Disrespected Decision in Estate Planning” offers some very practical advice. Factors to take into account when selecting a … read more
In today’s economic environment, States are finding themselves with budget shortfalls and California is among them. With that said, the state is aggressive in its attempts to tax. The California franchise tax generally imposes a minimum tax of $800 on entities … read more
During the Great Recession it was often difficult to sell homes, as buyers were few, with many having difficulty qualifying for home loans previously easy to get. Other homeowners had upside down mortgages and couldn’t sell at the price needed … read more
Senate Bill 1413 will go into effect on August 1st, exempting certain manufacturing and smelting businesses from paying sales tax on their natural gas and electricity utility bills. The exemption applies to both state and county sales taxes, and is … read more
A unanimous Supreme Court decision in the Clark v. Rameker case has held that inherited IRAs do not qualify for a bankruptcy exemption, i.e., inherited IRAs are not protected from creditors of the beneficiary in bankruptcy. The Court ruled that … read more
Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net … read more
The 2012 Offshore Voluntary Disclosure Program (OVDP) has recently undergone some changes that will make it simpler for U.S. taxpayers to come into compliance with the tax law regarding their foreign income and assets. The streamlined procedures will be available … 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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- Education Expenses Overwhelming? Try the Lifetime Learning Credit
- Arizona Education Tax Credits
- Reminder that Unclaimed Property Report is Due November 1
- Going to School? Get a Break with the American Opportunity Tax Credit
- Student Loan Interest: Can Tax Law Keep Up?
- You’re the Lucky Winner! Well, Sort of. Taxation of Prizes and Awards
- London Embassy Makes Applying for an ITIN a Little Easier
- Taxes and International Boycott Operations
- Record Retention: When to Hold ‘Em and When to Fold ‘Em
- Received a Notice from the IRS or a State…Now What?