Oftentimes employees will be asked to pay for job-related expenses out of pocket. Some companies have a reimbursement plan where the employee will submit an expense report with all necessary documentation (receipts, mileage log, etc.) and will receive a check … 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
The IRS is tasked to keep track of various statistics from year to year for a variety of reasons. They can help determine trends, gauge economic activity, and help with the IRS’s own internal business needs and planning. As of … read more
If you have not filed your 2010 tax return, you have until April 15, 2014 to file your return and claim any refund. The law generally provides a three-year window to claim a refund from the tax year. For 2010 … read more
Which form should you use to file your federal income taxes? These days, most people use a computer to prepare and e-file their tax forms. It’s easy, because tax software selects the right form for you. If you file on … 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
There are special tax rules for foreign students working in the United States. The student should first determine if he or she would be considered a U.S. resident alien or nonresident alien for income tax purposes. Generally, foreigners will be … read more
Every taxpayer is expected by the IRS to file tax returns and pay their tax obligations in a timely manner. For most, this means by April 15. However, the amount owed can sometimes take people by surprise, and they may … 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!
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