If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are four key facts about unemployment compensation: Unemployment is taxable. You must … read more
Okay, so you have a second home. That’s great! Now what? Well, this is a common tax issue since so many people are buying second homes. However, you may not be sure if your second home is considered for tax … read more
March is that sports time of the year when Major League Baseball is gearing up, the PGA, the National Hockey League is still at it, as is the NBA. It’s also that tax time of year when it’s time for … read more
On June 26, 2013, the U.S. Supreme Court, in the Windsor case, struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional. As a result, the federal government is required to recognize marriages between same-sex couples … read more
Last week the Obama administration reported that 800,000 people who signed up for health insurance under the Affordable Care Act received incorrect tax information on the forms they received from the federal exchange and should wait to receive new ones … read more
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
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
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
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
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
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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