Phoenix Tax

Going to School? Get a Break with the American Opportunity Tax Credit

Sending a child to school is expensive. Really expensive. I have 2 sons in college and the costs of tuition, books, and extracurricular activities add up quickly. Fortunately, there are tax credits you can take advantage of to help offset … read more

Student Loan Interest: Can Tax Law Keep Up?

Student loans have been a hot topic in the media and on Capitol Hill. A recent analysis of student loan trends from the credit bureau Experian found that student loan debt increased by 84% from 2008 to 2014, surpassing the … read more

You’re the Lucky Winner! Well, Sort of. Taxation of Prizes and Awards

The question sometimes arises “do I have to pay tax if I win a prize or award from my employer?” Unfortunately, the answer usually makes Uncle Sam the winner as well. So before you take those big winnings with you … read more

London Embassy Makes Applying for an ITIN a Little Easier

Many foreign taxpayers who need to apply for an Individual Taxpayer Identification Number (ITIN) have struggled to comply with strict new requirements set forth by the IRS. The new requirements insist applicants send in original documents, such as passports or … read more

Taxes and International Boycott Operations

U.S. taxpayers who have operations in, with, or related to certain countries participating in boycotts not sanctioned by the U.S. government may be required to report such operations to the IRS. Willful failure to file may result in large penalties, … read more

Record Retention: When to Hold ‘Em and When to Fold ‘Em

As the world continuously moves toward digital bill paying, statement delivery, and record retention, why do we still have so much paper? No matter how much of your financial life you move online, there are still some documents you’ll need … read more

Received a Notice from the IRS or a State…Now What?

It appears that more and more notices are being sent out than ever from the IRS and state agencies. Most letters from these agencies don’t make anyone jump for joy when spotted while sifting through the week’s mail. Unless, of … read more

Proceed with Caution When Helping Children Purchase a Home

According to The Project on Student Debt, in 2013 more than 7 in 10 college graduates carried an average student debt of $29,400. Add to that the sluggish job market that promises low starting wages and little job security, and … read more

Tax Aspects of Employee Terminations

Although taxes probably are the last thing on your mind after losing or quitting a job, tax aspects of your changed personal and professional circumstances can be significant. Depending on your situation, the tax aspects can be complex, and require … read more

Whose Property Is It?

The IRS filed liens against Christopher Deinlein who owed taxes to the IRS. Chris was a 1/3 beneficiary in his mother’s estate. Presumably to prevent the IRS from receiving his share of the estate’s assets, Chris disclaimed his interest in … read more


Welcome


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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