standard deduction

What’s New on the 2012 Form 1040

Posted on February 12, 2013 by admin

IRS has released on its website a number of the final tax forms and instructions for the 2012 tax year, including Form 1040, along with its related schedules. They reflect many administrative and law changes that apply for the 2012 … read more

IRS Announces Annual Inflation Adjustments

Posted on January 17, 2013 by admin

Each year, the eagerly anticipated inflation adjustments are released by the IRS.  Included in the annual inflation adjustments for 2013 are the following: • Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of … read more

Miscellaneous Itemized Deductions – Can You Benefit?

Posted on November 23, 2011 by admin

Do you have an expense that seems like it might be tax deductible but you are not quite sure? You may very well have a miscellaneous itemized deduction. Before even looking to see if your expense qualifies, you will need … read more

Your Kids May Help You to Qualify for Tax Benefits

Posted on July 27, 2011 by admin

As a mom of two precocious little boys under the age of four, I spend a great deal of time saying things like “please don’t hit your brother” or “please don’t step on your brother” or my favorite “my house … read more

Married Filing Jointly or Married Filing Separately?

Posted on July 21, 2010 by admin

Is it more advantageous for married couples to file income tax returns jointly or separately?  Unfortunately, the answer is not as simple as it may sound.  When filing separately, some credits and deductions are not allowed.  These include earned income … read more

Eight Facts about Filing Status

Posted on May 19, 2010 by admin

Every year, starting in the spring, millions of Americans begin the process of filing their Income Tax Returns.  During this process everyone must make a decision about what their filing status is.  Believe it or not this decision is actually … read more

2011 Budget Proposals

Posted on February 4, 2010 by admin

On February 1, 2010 President Obama submitted his budget proposal to Congress.  The President’s budget proposal contains a number of provisions that will have a material impact on taxpayers, both business and individual.  Among the more significant proposals are the … read more

Haiti Earthquake Relief Donations – Can Still be Deducted in 2009

Posted on January 26, 2010 by admin

On January 22, 2010, President Obama signed into law an Act allowing taxpayers to treat charitable contributions of cash made after Jan. 11, 2010, and before Mar. 1, 2010 as contributions made on Dec. 31, 2009, if the contributions were … read more

Schedule L and Schedule M – Not Just for Business!

Posted on January 12, 2010 by admin

For those of us that have been around the federal tax forms for a long time – or even maybe just a wee bit of time – there was something that could always be counted on.  And that was if … 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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