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
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
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
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
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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