Self-employment tax

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

Tax Tips if You Are Starting a Business

Have you just started a business? Are you considering starting a new business? If so, then you are most likely aware of the vast amount of details that need your attention, and taxes may not be at the top of … read more

Top Six Tax Tips for the Self-Employed

When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. 1. Self-employment income can include pay that you receive for part-time work you do out of your home. This could … read more

Don’t Miss the Health Insurance Deduction if You’re Self-Employed

There is an “above-the-line” deduction for health insurance premiums for those that are considered self-employed.  (By the way, this is self-employed as defined by the IRS, not by mortgage brokers, who appear to have a different definition.) The deduction is … read more

What’s New on the 2012 Form 1040

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

Did You Know About the Stealth Tax Increase?

We have all heard about the approaching “fiscal cliff”, where in 2013, automatic spending reductions kick in, tax rates go up for all taxpayers, the temporary payroll cut goes away, estate and gift taxes go way up and various business … read more

No Net Income and He Still Owes Tax!

I recently prepared a tax return for a client that had a loss on their tax return.  If fact, he had a Net Operating Loss on his return that we were planning on carrying back to prior years.  He seemed … read more

Do I need to Pay Self-Employment Tax if I Have No Profit?

Do you remember your first job and the excitement that generated?  Do you remember your first paycheck and the shock that was generated when you realized that there is a difference between gross pay and net pay? Self-employment income can … read more

8 Self-employed IRS Tax Tips

Many people love owning their own business.  Making all the decisions and satisfying their customers. There are many benefits that come from being your own boss. If you work for yourself as an independent contractor, or you carry on a … read more

Tax Planning for a Foreign Assignment

Many taxpayers do their homework when it comes to planning for their domestic and international income tax obligations when they are going overseas. Often the consulting begins and ends with income tax planning only. The United States has entered into … 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.

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