If you, your spouse, or dependents are currently attending or planning to attend college, you may be able to claim the Lifetime Learning Credit to help offset the cost. Just remember that you cannot claim both the Lifetime Learning Credit … read more
With the new school year in full swing, now is a great time to think about the available Arizona education tax credits related to Grades K-12. There are three Arizona school tax credits. Taxpayers are allowed to claim all three … read more
This is a quick reminder that the Arizona Report of Abandoned or Unclaimed Property is due November 1st for all businesses other than life insurance entities for property presumed abandoned as of June 30th. The filing of this report is … read more
Sending a child to school is expensive. Really expensive. I have 2 sons in college and the costs of tuition, books, and extracurricular activities add up quickly. Fortunately, there are tax credits you can take advantage of to help offset … read more
Student loans have been a hot topic in the media and on Capitol Hill. A recent analysis of student loan trends from the credit bureau Experian found that student loan debt increased by 84% from 2008 to 2014, surpassing the … read more
The question sometimes arises “do I have to pay tax if I win a prize or award from my employer?” Unfortunately, the answer usually makes Uncle Sam the winner as well. So before you take those big winnings with you … read more
Many foreign taxpayers who need to apply for an Individual Taxpayer Identification Number (ITIN) have struggled to comply with strict new requirements set forth by the IRS. The new requirements insist applicants send in original documents, such as passports or … read more
U.S. taxpayers who have operations in, with, or related to certain countries participating in boycotts not sanctioned by the U.S. government may be required to report such operations to the IRS. Willful failure to file may result in large penalties, … read more
As the world continuously moves toward digital bill paying, statement delivery, and record retention, why do we still have so much paper? No matter how much of your financial life you move online, there are still some documents you’ll need … read more
It appears that more and more notices are being sent out than ever from the IRS and state agencies. Most letters from these agencies don’t make anyone jump for joy when spotted while sifting through the week’s mail. Unless, 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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- Education Expenses Overwhelming? Try the Lifetime Learning Credit
- Arizona Education Tax Credits
- Reminder that Unclaimed Property Report is Due November 1
- Going to School? Get a Break with the American Opportunity Tax Credit
- Student Loan Interest: Can Tax Law Keep Up?
- You’re the Lucky Winner! Well, Sort of. Taxation of Prizes and Awards
- London Embassy Makes Applying for an ITIN a Little Easier
- Taxes and International Boycott Operations
- Record Retention: When to Hold ‘Em and When to Fold ‘Em
- Received a Notice from the IRS or a State…Now What?