Six Tips on Making Estimated Tax Payments

Some taxpayers may need to make estimated tax payments during the year. The type of income you receive determines whether you must pay estimated taxes. 1. If you do not have taxes withheld from your income, you may need to … read more

What’s New on the 2012 Form 1040 and Related Forms and Schedules – Part II

IRS has released on its website a number of the final tax forms and instructions for the 2012 tax year, including Form 1040 and related forms and schedules. They reflect many administrative and law changes that apply for the 2012 … read more

Can I Claim My Parents as Dependents?

These days it is not uncommon for people to be looking after or taking care of their parents or other aging adults.  However, did you know that there are tax laws that can offer some help if you meet certain … read more

IRS' Second (and Last) Settlement Offer of Reduced Penalties for Offshore Tax Evaders – Part 1

On February 8, 2011, the IRS announced a second special voluntary disclosure initiative called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) which will be available through Aug. 31, 2011.  It will give taxpayers with undisclosed income from hidden offshore accounts … read more

Does Your S-Corp. Pay "Reasonable" Compensation?

Shareholders of an S-Corporation can generally receive distributions of profits without immediate tax consequences. However, the IRS has taken a long standing position that where the shareholder is also acting as an employee of the corporation, “reasonable” compensation must be … read more

IRS Installment Agreements

Have you been faced with a large tax bill and do not have the funds to pay the entire balance?  Do you have prior tax returns that have not been filed and there are outstanding balances calculated by the Internal … read more

VITA – Let’s Work with the Software

In the continuing saga of teaching the VITA class, Andrea taught the second session without me, as I had a conflict.  After some feedback, we rearranged our syllabus a bit, in order to work in some computer entry for the … read more

Taxation of Foreign Persons U.S. Activities

Unlike US citizens and residents of the U.S., non-resident foreign persons are generally taxed only on income earned from US sources.  The US tax system separates US source income into two types: 1) income that is effectively connected to a … read more

Is My Personal Property Taxable?

In Arizona, property taxes are assessed on real and personal property.  All of us, however, own some personal property that is exempt from property taxation.  When is personal property subject to property tax? The definition of personal property, for property … read more

Antrel Rolle vs. the IRS

No offense to Adrian Wilson, but my favorite Arizona Cardinal defensive player the last few years was Antrel Rolle. I fell in love with him (NFL speaking) in 2007 during the Bengal game when he had 3 interceptions for touchdowns. … 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 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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