Prince Rogers Nelson, American singer, songwriter, and actor, passed away on April 21, 2016. Cities, social media, and fans showed their support and solidarity in a sea of purple. Prince resided in Minnesota at the time of his death. As … read more
Generally, miscellaneous itemized deductions may be deducted to the extent they exceed 2% of adjusted gross income (AGI). Miscellaneous itemized deductions can include tax preparation fees, investment fees, estate planning legal fees, and safe deposit box charges, to name a … read more
As many of you may know, the Protecting Americans From Tax Hikes (PATH) Act of 2015 extended the bonus depreciation rules through 2019. The Act also calls for a gradual reduction in the percentage: 50% in 2015 – 2017, 40% … read more
The Arizona legislature has increased the credits for contributions to qualifying charitable organizations and for contributions to qualifying foster care charitable organizations for 2016. L. 2016, S1216, effective 08/06/2016 and retroactively applicable to taxable years beginning after 12/31/2015, increases the … read more
Earlier this month, South Dakota lawmakers put into effect a tax on out-of-state online retailers that now requires them to collect state sales tax from customers on internet sales. The law affects those retailers who have done business in the … read more
The Foreign Account Tax Compliance Act (FATCA) was created to prevent offshore tax evasion of U.S. taxpayers. As part of the IRS initiative for international data exchange, certain foreign entities have additional reporting requirements. If these entities fail to comply, … read more
As many taxpayers attempt to comply with the Foreign Account Tax Compliance Act (FATCA), they are facing challenges understanding and conforming to the requirements. In an attempt to clarify these complex rules, the IRS has issued Frequently Asked Questions (FAQs) … read more
Have you filed your taxes and realized that you received a large refund, or owe a significant amount of money? Before you get upset with your accountant (we’re just the messenger!), it might be worth a look at your withholdings … read more
The advent of the Limited Liability Company, or LLC, is relatively new to the United States. Wyoming was the first state to offer an LLC business entity classification in 1977, and within 20 years, nearly every other state had followed … 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 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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- What Prince’s Death Teaches Us about Estate Tax
- Trusts: Fully Deductible Expenses vs AGI Limit
- Bonus Depreciation Changes
- Amounts Raised for Two Arizona Tax Credits
- Lose Your Medicare Card? Want a Social Security Estimate?
- Internet Sales Can Be Taxing
- Intergovernmental Agreements
- New FATCA FAQs Released
- Your New Job: Filling Out Your W-4 and State Equivalent
- Forming a Partnership – Considerations When Creating an LLC as a Partnership