You’re on your way to meet friends for dinner and it dawns on you-you need cash. Not a problem-there is an ATM on your route to the restaurant. After typing in your password and the amount of your withdrawal you … read more
This article from the Wall Street Journal introduces a way for high-income couples to make Roth IRA contributions. A physician and his wife were maxing out their 401(k) accounts and 475 savings plans, but were ineligible for deductible contributions to … read more
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
Generally speaking, the United States imposes gift tax on all gifts above a certain threshold. But, in general, in the case of a nonresident not a citizen of the United States, gift tax shall apply to a transfer only if … read more
A medical flexible spending account (FSA) is a tax-advantaged account that can be set up through a cafeteria plan of an employer in the United States. The FSA allows employees to set aside a portion of earnings to pay for … read more
Did you know that the IRS relies heavily on correspondence audits? Correspondence audits address those individuals suspected of underreporting their income tax liabilities. Correspondence audits result in significant additional tax assessments and are more economical than other types of audits. IRS … read more
Yesterday morning, President Obama announced that 2014 sales of previously-canceled individual health plans that don’t meet ACA standards would be allowed to be issues and stay in force for another year. The change will offer a temporary “fix” to the millions … read more
The Internal Revenue Service has announced its 2014 inflation adjustments for various tax provisions, tax rate schedules and other tax changes. Listed below are the 2014 rates for items of the greatest interest to most taxpayers. • The tax rate of … 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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- The IRS Levy or How to Ruin an Evening
- Roth IRA Contributions for a High-Income Couple
- Five Depreciation Tips for Year-End Tax Planning
- Trust Taxation in 2013 – A Potential New Paradigm
- Foreign Gift Reporting Requirements
- Relaxing the “Use it or Lose it” Rule for Flexible Spending Accounts
- Correspondence Audit Selection Process
- Don’t Miss Out on Taking Your 2013 Arizona State Tax Credits!
- The Evolving Affordable Care Act – Health Insurance
- Various Tax Benefits Increase Due to Inflation Adjustments for 2014