Tax Reporting

Can Spouses Help each Other Lower Their Self Employment Tax?

Can an accountant who loses money and his wife, a realtor who makes money, combine their businesses in order to lower their self-employment tax? No. A recent case in the Tax Court involved such an issue. Donald Fitch, a self-employed … read more

A Tip for Restaurant Owners

It is a new year and restaurant owners are hoping to grow as there has been success with new concepts and openings.  Keeping focused on a growing and expanding business can be a challenge.  As we get into the tax … read more

Taxation of Damages

Someone rear-ended you at a red light. You were unfairly fired. You’re collecting a settlement or judgment. Is it taxable income? The tax treatment can vary greatly depending on how you were damaged, how the case was resolved, and how … read more

Tax Breaks for Charitable Volunteers

Team members from Henry & Horne, LLP participate in a monthly Community Service activity.  In fact, our first firm wide Community Service activity was on November 8th.  If you too are a volunteer worker for a charity, you should be … read more

Here We Go Again – Delays to the Start of Tax Season!

Amid the 16 day government shutdown, we in the tax filing profession managed to survive.  Not without some pain – the efile help desk was affected, which meant for those returns that had a mandatory efiling requirement, we could not … read more

Tips if You Are Selling Your Home (Principal Residence)

This has been discussed before, but it was three ago, so time for an update! (To see that blog, click here.) If you’re selling your main home sometime this year, here are some helpful tips for you. Even if you … read more

Assessing Your Assessment the Wrong Way

Tax assessments are formally recorded on a record of assessment in accordance with Internal Revenue Code Section 6203.  The assessment is made by an assessment officer signing the summary record of assessment per Treasury Regulation section 301.6203-1.  The summary record … read more

Same-Sex Marriage, A State of Celebration

On August 29, 2013 in IR-2013-72 and Revenue Ruling 2013-17, the Treasury and the IRS announced that same-sex couples legally married in a state or jurisdiction that recognizes same-sex marriages will be treated as married for federal tax purposes.  This … read more

Can I Deduct the Costs of a Spouse on a Business Trip?

You are going on a business trip and bringing your spouse. It would be nice if you could deduct some of their expenses as well as your own, but is that allowed? The rules for deducting a spouse’s travel costs … read more

Job Search Expenses May Lower Your Taxes

The job market is becoming increasingly competitive as more and more people seek new employment opportunities. Searching for a new job may be a daunting task, but the good news is you can deduct these expenses on your 2013 tax … 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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