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
Even as the tax code becomes increasingly complex, more and more Americans are preparing their own tax returns. A recent survey conducted by BMO Harris Financial Advisors found that nearly 48% of Americans prepare their own tax returns. Eighty-three percent … read more
I couldn’t help click on a headline the other day “Abba Wore Flashy Clothing as a Tax Deduction”. The article discussed the Swedish pop group Abba’s on stage outfits. In a new book published to mark the 40th anniversary of … read more
We have commented on scams in the past. Unfortunately, these scams keep getting more creative, as well as more prevalent. The Internal Revenue Service recently issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during … read more
A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may … read more
We often see cases where taxpayers for one reason or another have not deducted a pass-through loss on their tax return. Sometimes the taxpayer doesn’t want to wait for that elusive late K-1 before filing their individual return. Sometimes they … read more
Recently, a client called to discuss the procedures he needed to undertake to allow his child to claim a deduction for home mortgage interest and related real estate taxes on a residence occupied by his child. Since the child did … read more
Occasionally, a business owner would like to purchase a vehicle owned by his business. The tax rules are clear as to how this type of transactions needs to be handled. The general rule is a business cannot deduct a loss … read more
You just bought a new car, but how are you going to get rid of your old one? Many individuals find the trade-in allowance offered by dealers to be well below the car’s true value. The alternative of selling the … 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!
- The Capital Gains Look-Through Rule at a Glance
- Can Spouses Help each Other Lower Their Self Employment Tax?
- Temporary Regulations Provide Guidance on Form 5471
- New Like-Kind Exchange Reporting Required for California (IRC 1031)
- Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills
- Timing Rules for SEPs and SIMPLE-IRAs Part II
- Timing Rules for SEPs and SIMPLE-IRAs Part I
- Are You an Identity Theft Victim?
- Supreme Court Decides Severance Pay is Subject to FICA Tax
- Mamma Mia! Who Can Deduct That?