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
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
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
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
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
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
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
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
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
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
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!
- When Mortgage Interest May Not be Deductible
- Change to One IRA Rollover Per Year Rule
- IRS Limits Direct Deposits to Combat Refund Fraud
- Tips for Gambling Income and Losses
- Don’t Lose Your Deduction: Substantiating Vehicle Use
- What is a “myRA” Account?
- Going to the Chapel… Wedding Tax Tips
- How to Take Advantage of the Small Business Health Care Tax Credit
- Tax-Free Student Aid vs. Education Credit
- How to Select a Trustee