While most of us are disappointed that the United States soccer team was bounced from the FIFA World Cup, attention in the sports media will now focus on basketball and NBA free agency. And the attention will focus on LeBron … read more
Most of us know that qualified medical expenses are tax deductible when paid for a qualified dependent. But what about medical expenses you pay for someone who does not qualify as your dependent? Not hard to imagine it happening these … read more
I will be the first to tell you that I do not understand virtual currency – the most well-known being bitcoin. I do not know how to get bitcoins or how to spend them. But I do know that there … read more
According to Nina E. Olson of the National Taxpayer Advocate Service, “taxpayer rights are human rights.” Despite this sentiment, surveys conducted by the Taxpayer Advocate Service have found that many taxpayers do not believe that they have any rights when … read more
Health Savings Accounts (HSAs) were created so that individuals covered by high-deductible health plans could receive tax-preferred treatment for money paid out-of-pocket to “qualified medical expenses”. Qualified medical expenses include those that would generally qualify for the prescription, medical and … read more
I recently read a scary headline to an article. It was something along the lines of “tax penalties do not correlate to income levels”. This intrigued me, so of course, I dug a little deeper. The article was referring to … read more
It’s easy to forget that June 15, 2014, is not only the due date for the second quarter 2014 estimated income tax payments; it is also the due date for withholding agents to file the California Form 592, Resident and … read more
Whenever there is a substantial change in tax law, there are always issues that surface that were, perhaps, not originally anticipated. As previously noted, certain taxpayers may be eligible to receive a premium tax credit for health insurance in 2014. … read more
Do you feel like you are unique? Don’t follow the crowd? Go your own way? Well, if you went against your norm and followed the pack and were one of the 7.1 million people who signed up for health insurance … read more
The IRS has released the inflation-adjusted Code Sec. 280F depreciation limits for business autos, light trucks and vans placed in service by the taxpayer in 2014, as well as the annual income inclusion amounts for such vehicles first leased in … 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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