If you’ve received a 5071C letter, the IRS needs more information to verify your identity in order to process your tax return accurately. The IRS will continue processing your tax return once your identity is verified. Follow the identity verification … read more
It is necessary to file form 1099-MISC, Miscellaneous Income for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest $600 or more in rents, … read more
President Obama’s recent proposal to offer two free years of community college tuition has garnered a lot of attention. But like my favorite finance guru Dave Ramsey likes to say, “When the government says ‘free’, pull out your wallet.” Along … read more
What do you look for in a CPA? Knowledge of tax codes? Professionalism? Business advice? Personality? Wait, what? Did that last one throw you for a loop? It may seem odd to include personality on the list, but it is … read more
With tax season underway and scams running rampant, here are some tips to help you avoid becoming a victim of identity theft: The IRS does not initiate contact with taxpayers by email or social media tools to request personal or … read more
Are you a low-to-moderate income worker? If so, the saver’s credit allows you to save for your retirement while also saving on your taxes with a special tax credit. Save for retirement. The formal name of the saver’s credit is … read more
California recently passed a new personal and corporate California tax credit called the College Access Tax Credit (CATC). If you donate to the College Access Tax Credit Fund, you can offset your California taxes by 60% (for 2014) of the … read more
Recently, a client came to me with a question. My clients’ primary residence is in Arizona, but they also own a beach house in California. The office of an important business connection is just blocks away from the beach house. … read more
The union of two people in life generally comes with optimism for the future; a hope for the life that will be “happily ever after”. Reality however, can sometimes have a different agenda. There are situations where one spouse or … read more
The Arizona Department of Revenue has released additional information on the effective 1/1/2015 change to the retail sales tax exemption for sales to out of state buyers after the amendment of Arizona Revised Statutes (A.R.S.) § 42-5061.A.14. Under prior law, … 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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- Understanding Your 5071C Letter: Identity Verification
- We’re from the Government and We’re Here to Help Finance Your Education
- Do You Know and Trust Your Accountant?
- Identity Theft: How to Protect Yourself
- Save Twice with the Saver’s Credit
- California’s New College Access Tax Credit
- Business Use of a Vacation Home
- When Happily Ever After Isn’t: Innocent Spouse Relief
- UPDATE: 2015 Change to Exemption for Arizona Retail Sales to Out-of-State Buyers
- IRS Announces Official Tax Season Start Date