1. Avoid the mid-quarter convention. Assets purchased in the second half of the year are entitled to less depreciation in the first year under the mid-quarter convention than under the standard half-year convention. Property is subject to the mid-quarter convention … read more
Governor Jan Brewer signed a depreciation bill on Wednesday, June 26, which eliminated the cap on Section 179 expense deductions for tax years beginning on or after January 1, 2013. According to a recent article on CNBC, it is expected … read more
Are you tired of spending hours figuring out how much you can deduct for your home office? Good news for you as the Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers … read more
On June 23, 2011, the Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile … read more
Many employees are now telecommuting rather than traveling to work every day. With the rapid growth of technology, telecommuting is becoming more and more accessible. Telecommuting can free up office space, save on commuting costs, and provide employees with more … read more
It is especially important in tough economic times like these that we help others. One great way to help is to contribute property that you no longer need or use to a qualified charitable organization. Generally, 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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