Tempe Tax

When Mortgage Interest May Not be Deductible

We all assume that we can deduct interest paid on our personal residence, but that is not always the case. Personal versus business interest generally is not deductible. Section 163(h) prohibits an individual taxpayer from claiming a deduction for personal … read more

Change to One IRA Rollover Per Year Rule

The IRS withdrew a proposed regulation from 1981, Prop. Regs. Sec. 1.408-4(b)(4)(ii), which allowed taxpayers with multiple IRAs to make one rollover per year from each IRA. Following the Tax Court’s holding that the limit of one IRA rollover per … read more

IRS Limits Direct Deposits to Combat Refund Fraud

Income tax refund fraud and identity theft continues to plague taxpayers and the IRS. In 2013 alone the IRS had to issue 770,000 tax return PIN numbers to taxpayers who had fraudulent tax returns filed under their social security number. … read more

Tips for Gambling Income and Losses

Whether you like to bet on horses, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these … read more

Don’t Lose Your Deduction: Substantiating Vehicle Use

Tax law surrounding business vehicles can be convoluted (or any tax law for that matter). The following will give you guidance on what you may need to present to the IRS if your vehicle use deduction is ever challenged. A … read more

What is a “myRA” Account?

For those of you who may have missed parts or all of the State of the Union address given by President Obama on January 28, 2014, you may be interested in learning about the “myRA” account. Starting near the end … read more

Going to the Chapel… Wedding Tax Tips

Planning that big wedding this summer? While taxes may not be high on your list of things to do before you walk down the aisle, be aware of the tax issues that come along with your marriage. Name change: The … read more

How to Take Advantage of the Small Business Health Care Tax Credit

The Affordable Care Act has small business owners wondering how to take advantage of this tax credit. So, how do you know if your business qualifies? To qualify for a small business tax credit of up to 50% (35% for … read more

Tax-Free Student Aid vs. Education Credit

The American Opportunity and Lifetime Learning tax credits were created to subsidize the cost of college education. Generally, the credits are based on qualified costs of education, namely, college tuition and fees, books, supplies and equipment. Those qualified costs must … read more

How to Select a Trustee

Clients often struggle with the task of selecting an appropriate Trustee for their trust. An excellent article by Charles Redd “The Most Disrespected Decision in Estate Planning” offers some very practical advice. Factors to take into account when selecting a … 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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