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
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS and is the taxpayer’s voice at the IRS. TAS employees help taxpayers who are experiencing financial difficulties, taxpayers who are seeking help in resolving problems with the IRS, … read more
There is a popular belief out there that the United States tax system began in that unluckiest of years, 1913. But, it actually goes back even farther than that thanks to the Civil War. In 1862, President Lincoln signed into … read more
Employers can now claim a refund of overpaid FICA taxes and income tax withholdings paid on benefits provided to same-sex couples because those benefits are now tax free. Regular procedures require an employer to file a separate Form 941-X for … read more
Earlier this year, the IRS issued a ruling (See Same-Sex Marriage, a State of Celebration) allowing all married same-sex couples to file a joint federal income tax return, regardless of the state in which the couple resides. The Arizona Constitution … read more
Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant or drive a cab? The tip income you receive as an employee from those services is taxable income, per IRS guidance. Per definition, taxable income … read more
On August 7, 2013 the IRS released the first draft of the Form 8960 Net Investment Income Tax. Form 8960 will report the new 3.8% Medicare tax on net investment income and will be filed with the 2013 Form 1040 … 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.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Temporary Regulations Provide Guidance on Form 5471
- New Like-Kind Exchange Reporting Required for California (IRC 1031)
- Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills
- Timing Rules for SEPs and SIMPLE-IRAs Part II
- Timing Rules for SEPs and SIMPLE-IRAs Part I
- Are You an Identity Theft Victim?
- Supreme Court Decides Severance Pay is Subject to FICA Tax
- Mamma Mia! Who Can Deduct That?
- IRS Releases New Requirements to Claim the Earned Income Tax Credit
- AMT Facts with Exemption Amounts Updated