Tax Reporting

You’re the Lucky Winner! Well, Sort of. Taxation of Prizes and Awards

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

Record Retention: When to Hold ‘Em and When to Fold ‘Em

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

Tax Aspects of Employee Terminations

Although taxes probably are the last thing on your mind after losing or quitting a job, tax aspects of your changed personal and professional circumstances can be significant. Depending on your situation, the tax aspects can be complex, and require … read more

Tax Implications of the Sharing Economy

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

RIA Releases Preliminary 2015 Tax Items

Every year certain tax items are adjusted for inflation including standard deduction amounts, tax tables, and earned income credit. Although the official release of these items is required by the IRS by December 15, 2014, here is an unofficial look … read more

Armed Forces Members and Tax Benefits

If you’re a member of the U. S. Armed Forces, likely the last thing on your mind is taxes. Be aware though, there are many special tax benefits available to members of the armed forces. Following are six of those … 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

New Sales Tax Exemption for Manufacturing Businesses Available in August

Senate Bill 1413 will go into effect on August 1st, exempting certain manufacturing and smelting businesses from paying sales tax on their natural gas and electricity utility bills. The exemption applies to both state and county sales taxes, and is … read more

Simpler Offshore Voluntary Disclosure Program Helps U.S. Taxpayers

The 2012 Offshore Voluntary Disclosure Program (OVDP) has recently undergone some changes that will make it simpler for U.S. taxpayers to come into compliance with the tax law regarding their foreign income and assets. The streamlined procedures will be available … read more

Unused ITINs to Expire after Five Years

The IRS announced on Monday, June 30 that unused Individual Taxpayer Identification Numbers (ITINs) will expire if they have not been used on a federal income tax return for five consecutive years. ITINs are issued to United States taxpayers who … read more


Welcome


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!


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