Have you been challenged to dump a bucket of ice water on your head? If you have no idea what I am talking about, you must not be on social media, or any Internet sites, and therefore I don’t know … read more
Health Savings Accounts (HSAs) were created so that individuals covered by high-deductible health plans could receive tax-preferred treatment for money paid out-of-pocket to “qualified medical expenses”. Qualified medical expenses include those that would generally qualify for the prescription, medical and … read more
The IRS has released the inflation-adjusted Code Sec. 280F depreciation limits for business autos, light trucks and vans placed in service by the taxpayer in 2014, as well as the annual income inclusion amounts for such vehicles first leased in … read more
Did you know that while many tax rules are permanent, others are written to expire at some point in the future? These expiring items are often granted a temporary extension, but a significant number of popular “extenders” terminated at the … read more
Most people around the country may not pay much attention to medical expenses, because in order to take a deduction, the rule is that you needed a lot of expenses. That is because until January 1, 2013, you needed medical … read more
Can an accountant who loses money and his wife, a realtor who makes money, combine their businesses in order to lower their self-employment tax? No. A recent case in the Tax Court involved such an issue. Donald Fitch, a self-employed … read more
Even as the tax code becomes increasingly complex, more and more Americans are preparing their own tax returns. A recent survey conducted by BMO Harris Financial Advisors found that nearly 48% of Americans prepare their own tax returns. Eighty-three percent … read more
I couldn’t help click on a headline the other day “Abba Wore Flashy Clothing as a Tax Deduction”. The article discussed the Swedish pop group Abba’s on stage outfits. In a new book published to mark the 40th anniversary of … read more
We have commented on scams in the past. Unfortunately, these scams keep getting more creative, as well as more prevalent. The Internal Revenue Service recently issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during … 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!
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