CPA

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

Timing Rules for SEPs and SIMPLE-IRAs Part II

For the most part, SEPs (Simplified Employee Pensions) and SIMPLE (Savings Incentive Match Plan for Employees)-IRAs live up to their billing as easy ways to set aside tax-favored retirement funds for employees and employers. However, contribution rules for these plans … read more

Timing Rules for SEPs and SIMPLE-IRAs Part I

For the most part, SEPs (Simplified Employee Pensions) and SIMPLE (Savings Incentive Match Plan for Employees)-IRAs live up to their billing as easy ways to set aside tax-favored retirement funds for employees and employers. However, contribution rules for these plans … read more

What to Consider When Drafting Promissory Notes

I had a client who brought me in a blank promissory note that they had printed off the internet and wanted me to help them fill it out.  I wanted to make sure I informed them of all the items … read more

8 Pointers for Choosing a Tax Return Preparer

If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important … read more

Annual Letters to Certain Preparers

In preparation for the upcoming filing season,  the IRS Return Preparer Office sent 21,000 letters to certain preparers last week asking them to pay special attention to their accuracy on clients’ Schedules A, C, or E.     This is the third … read more

Social Security Wage Base Increase to $110,100 for 2012

The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2012 increases to $110,100 from $106,800, which was the wage base for 2009 through 2011. The $3,300 increase, which is about 3%, … read more

The Dreaded IRS Letter

Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that does not mean you need to worry. Below please find eight things every taxpayer should know about IRS notices – just in case you … read more

IRS "Freefile" Program

I’m a CPA and work for a firm where preparing tax returns make up a material part of our revenues.  Why would I want to give you information on filing your tax return for free?  It’s simple.  Many reputable CPAs … read more

Managing Expectations

When a trusted advisor tells you that the project you are waiting for will be done by the end of the week, you expect the project to be done by the end of the week.  When Friday rolls around and … 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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