Phoenix Tax

Foreigners Selling U.S. Real Estate

Perhaps you are a non-U.S. resident who was keen on investing in U.S. real property after the housing market crash, hoping the market would improve and you could profit on the real estate sale after a few years. Or possibly, … read more

IRS: No More Estate Tax Closing Letters…Unless You Ask

On the IRS.gov website, the IRS announced that for estate tax returns (Form 706) filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Historically, the IRS’s “Frequently Asked Questions … read more

Pushing for Tax Reform – Civil Tax Penalties

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus … read more

Tax Implications of Marriage on Your Filing Status

Have you recently gotten married or plan on getting married sometime in the near future? Are you worried about the tax implications? There are a couple of choices that can be made on your upcoming tax returns that can either … read more

Where Did Your Tax Dollars Go?

Now that the 2014 tax deadline is behind us, do you have a good idea of where all your tax dollars went? If you’re like most Americans, you probably have a vague idea of how your hard-earned money is spent … read more

IRS Regulations Proposed for ABLE Act

The IRS has proposed a rule issued on Friday, June 19, 2015, with guidelines for the “Achieving a Better Life Experience (ABLE) Act”. The ABLE act was designed for people who became disabled before the age of 26, to enable … read more

The Tax Benefits of Hiring Your Kids

Hiring your kids can be very beneficial for many reasons, not the least of which includes tax benefits. So consider putting your kid to work (so long as you follow all child labor laws!) and reap these potential benefits: Wages that … read more

I Received a “B Notice” from the IRS – What Do I Do?

Getting a notice in the mail from the IRS can be unnerving, especially if it involves responding in a short number of days. A “B notice” is a notification that one or more tax ID numbers were missing from a … read more

I have a Net Operating Loss, Do I Need to Worry about AMT?

The benefit of having a net operating loss (NOL) is that you can use it to shield some or all of your income from taxes. The NOL rules allow for carrybacks. So in some situations, you can get an immediate refund … read more

Tax Deduction for Hosting a Foreign Student

One of the considerations you have to keep in mind if you are thinking of hosting a foreign student is the cost of having another person living in your home. Fortunately, the tax law provides some help to offset that … 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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