taxable income

Four Key Facts about Unemployment Benefits

If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are four key facts about unemployment compensation: Unemployment is taxable. You must … read more

Taxable or Not? What You Need to Know about Income

All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income. Taxable income includes money you earn, like wages and tips. It also includes … read more

YARR! The IRS is After Me Booty – Is it income?

Growing up we used run around pretending that we were pirates finding buried treasure while sailing the dangerous seas. Nineteen years later as new tax interns, we found that pirates have to pay taxes just like everyone else. The tax … read more

You’re the Lucky Winner! Well, Sort of. Taxation of Prizes and Awards

The question sometimes arises “do I have to pay tax if I win a prize or award from my employer?” Unfortunately, the answer usually makes Uncle Sam the winner as well. So before you take those big winnings with you … read more

Are You Subject to the California Franchise Tax?

In today’s economic environment, States are finding themselves with budget shortfalls and California is among them. With that said, the state is aggressive in its attempts to tax. The California franchise tax generally imposes a minimum tax of $800 on entities … read more

Mid-Year Tax Planning Tips

Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net … read more

Unused ITINs to Expire after Five Years

The IRS announced on Monday, June 30 that unused Individual Taxpayer Identification Numbers (ITINs) will expire if they have not been used on a federal income tax return for five consecutive years. ITINs are issued to United States taxpayers who … read more

Millions of Amended Tax Returns Expected to be Filed

The IRS recently released some statistics regarding the 2014 Filing Season. Included in this release was a projection of the number of amended returns that the IRS expects to be filed during 2014. Believe it or not, they expect more … read more

Tax Deduction for Non-Dependent Medical Expenses

Most of us know that qualified medical expenses are tax deductible when paid for a qualified dependent. But what about medical expenses you pay for someone who does not qualify as your dependent? Not hard to imagine it happening these … read more

Shocker! Virtual Currency is Treated as Property for U.S. Tax Purposes

I will be the first to tell you that I do not understand virtual currency – the most well-known being bitcoin. I do not know how to get bitcoins or how to spend them. But I do know that there … 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.


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