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
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
If your investment portfolio includes holdings outside of the U.S., it is not uncommon to see foreign taxes withheld on the foreign sourced income it generates. Generally, you may claim a credit for foreign taxes if the following four tests … read more
Taxpayers often wait until December to start thinking about their year-end tax strategies. If you are looking to keep more of your money in your own pocket, you may want to rethink that plan. It is essential to know where … read more
Tired of making those capital call payments on an investment partnership that may never recover its value? Consider abandoning it. If the value is depressed and recovery is nowhere in sight, why continue to throw money at it. By abandoning … read more
Employers can now claim a refund of overpaid FICA taxes and income tax withholdings paid on benefits provided to same-sex couples because those benefits are now tax free. Regular procedures require an employer to file a separate Form 941-X for … read more
While the IRS has not yet released the new amounts for 2014, Thomson Reuters Checkpoint has calculated that the unified 2014 estate tax exclusion for decedents dying in 2014 and the gift tax lifetime exclusion will rise to $5,340,000. This … read more
Financial headlines in the last several years have been filled with stories of investors whose losses have occurred as a result of Ponzi Schemes. In 2009 the U.S. Securities and Exchange Commission identified 20% of the fraud cases they investigated … read more
Amid the 16 day government shutdown, we in the tax filing profession managed to survive. Not without some pain – the efile help desk was affected, which meant for those returns that had a mandatory efiling requirement, we could not … 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