All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income. Taxable income includes money you earn, like wages and tips. It also includes … read more
Tax day, or as some of us like to put it “D-day” (D is for deadline of course), has come and gone for this year. As I reflect on tax season 2015 and contemplate the last few months, I can’t … read more
Today is Wednesday, April 15th and it is the end of another tax season! So, our tax team is going to be gathering the last of the Forms 8879 from our clients to complete their electronic filing, and sending out … read more
Growing up we used run around pretending that we were pirates finding buried treasure while sailing the dangerous seas. Nineteen years later as new tax interns, we found that pirates have to pay taxes just like everyone else. The tax … read more
With the rise of sharing economy websites such as Airbnb and RelayRides, it may be appealing to rent out your home or car when not in use and pocket some extra cash. But before you do, make sure you understand … read more
While most of us are disappointed that the United States soccer team was bounced from the FIFA World Cup, attention in the sports media will now focus on basketball and NBA free agency. And the attention will focus on LeBron … read more
Even as the tax code becomes increasingly complex, more and more Americans are preparing their own tax returns. A recent survey conducted by BMO Harris Financial Advisors found that nearly 48% of Americans prepare their own tax returns. Eighty-three percent … read more
While they may not qualify as “popcorn flicks,” the IRS has released a series of instructional YouTube videos designed to assist taxpayers in filing their 2013 taxes. The videos cover a wide range of topics to assist taxpayers of all … read more
Part I examined Form 1040 itself. This part covers related forms and schedules. Form 1040—Schedule A, Itemized Deductions Line 1. Medical and dental expenses. The 2013 standard mileage rate for medically-related use of an auto is 24¢ per mile. Line … read more
With the start of tax season on Jan. 31, the IRS has now released on its website final tax forms and instructions for the 2013 Form 1040 and its related schedules. The instructions to the Form 1040 for 2013 carry … 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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