Taxes change. A lot! They’re also complex. Did you know the federal tax code is more than 74,000 pages? Who has time to look at that? Lucky for you, we do. You want CPAs who keep up with changing tax laws and new legislation, so you can make smart tax planning moves that maximize your wealth while minimizing your current and future tax liabilities.

With more than 75 CPAs and over 50 tax team members, you will have access to specialists who have more than 500 years’ experience with tax return preparation and planning. They specialize in:

Tax Reform

Legislation from the COVID-19 pandemic and the Tax Cuts and Jobs Act (the biggest tax overhaul in 30 years) have dramatically changed the tax landscape. From tax rates to the 20% deduction for pass-through income, there’s a lot to think about as you’re getting your information ready for your CPA. That’s why we’re making it easy for you to find all the tax information you need in one place on this page.

20% Pass-through deduction

One of the most talked-about changes to come out of tax reform is the 20% deduction of qualified business income for pass-through entities. It’s a big deal for taxpayers like you because it could lead to substantial tax savings for a lot of business owners. Here are the top five things you should know about this deduction.

Want to read more? Check out our Tax Insights blog. We’ve covered a ton of other aspects of Section 199A. Keep in mind, the exceptions and limitations are complex. So, be sure to talk to your CPA about this to find out if you qualify.

Tax rates

Just about every taxpayer is impacted by revamped tax rates and tax brackets both on an individual and a business level.

The C Corporation tax rate stands at a flat tax rate of 21%. But that doesn’t necessarily mean you should restructure. Check out these blogs for more details on the considerations before you make a decision.

Bonus depreciation

You can write off 100% of business assets that meet the bonus depreciation qualifications and your asset can be new or used.

Other business tax impact

There are many other tax benefits you need to consider for your business such as net operating losses, the deductibility of business meals and the $10,000 cap on the deduction for state and local income tax or sales tax, real estate and personal property taxes included in itemized deductions.

Charitable contributions

The loss of itemized deductions and the increase in the standard deduction changed how taxpayers donate to charity but there are great strategies to give back which allow you to receive tax benefits.

Other individual tax impact

Don’t forget about the kiddie tax and interest expense deduction.

Get the latest tax news every week

Any time there’s a major tax change, you can expect you’ll need more guidance or clarification from the IRS or Congress. But who has time to follow all that? It’s easy for you to stay on top of the latest tax news with our Tax Insights blog. Subscribe now to receive updates three times a week.

Let’s chat

Questions on tax planning for business or individuals? Our tax professionals help clients in a variety of industries including construction, dealerships, restaurants, technology and more. Fill out the form to the left and we’ll put you in touch with the right tax professional.

Testimonials

As a small business, there are always concerns with partnering with a large, reputable company like Henry+Horne since we worry about budget and just being treated like a number. But for the past 15 years, the wisdom and guidance of H+H has not only helped our company, Bushtex, Inc., succeed – but thrive. They go above and beyond every time to advise us on the individual financial needs of our business, which alone has made working with Henry+Horne worth its weight in gold!

Adelaida V. Severson, President/CEO, Bushtex, Inc.

If I ask for input before making business decisions they are always very responsive and available throughout the year. They have educated me in many aspects of tax law and anytime there are tax law changes, they send emails. Changing accounting firms was a hard decision but I can say with all certainty that it was the best business decision I had made in some time and I am happy to recommend Henry+Horne.

Debra Stroinski, Vice President, Scott’s Coach Works, Inc.

TriStar worked with a number of tax preparation firms over the years but I can honestly say that we have not worked with any as professional as Henry+Horne. Our expectations are not just met but most always they are exceeded. I would highly recommend Henry+Horne to any one and/or any company looking for tax preparation services.

Patrick F. Maderia, President, TriStar

In the many years of association with Henry+Horne, they have always fostered a culture of customer service. From managers to associates, their response to our needs has been genuinely proactive and well informed. Their experience and expertise is truly a resource we can count on. Henry+Horne takes good care of us.

Bill Fazio, Advanced Cardiac Specialists

Our dental practice has enjoyed a long relationship with Henry+Horne. They have prepared our office and personal tax returns for over 20 years and we are pleased with their work. During that time we had one IRS audit of our personal return, which didn’t involve any increase in tax due.

Stephen C. Driggs, DDS and Frederick C. Turley, DDS, PLC, Dentistry at Greenfield