It is a special year for Individual Retirement Accounts (IRAs). In 2010 any individual, regardless of their income level, can elect to convert a regular IRA to a Roth IRA. While many people are contemplating whether or not to do … read more
Each year, you can gift up to $13,000 per donee (that is the person receiving the gift), before the gift is considered taxable. Married couples can gift double this amount, $26,000 per donee. Gifts of community property are considered as … read more
In 2001, as part of the Economic Growth and Tax Relief Reconciliation Act of 2001, Congress repealed the estate and generation skipping transfer tax effective for persons dying in 2010. However, after this one-year repeal the taxes are scheduled to … 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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