In a perfect world, all of our income would be nontaxable income, instead of taxable. But, alas, that is not the case. In fact, it us most likely the reverse – most types of income are taxable, instead of nontaxable. … read more
The IRS issued a tax tip on six important facts about dependents and exemptions. While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. Remember that a … read more
Deadlines can be very stressful, especially when it comes to taxes. One stress that many people are not aware of is the 60-day deadline for keeping an IRA rollover tax-free. Why you may ask? Because missing this deadline can result … read more
Frivolous Tax Arguments: Contention that Wages, Tips, and Other Compensation Received for Personal Services are Not Income
This would sure be nice if true wouldn’t it? Maybe when it comes to paying taxes, but not so much if you’re applying for a loan and they want to know your income. But I guess some folks just want … read more
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. The IRS offers the following list of items that do not have to … read more
IRS is constantly bombarded by frivolous tax arguments, some of which strike a reoccurring theme. One is where some taxpayers attempt to reduce their federal income tax liability by filing a tax return that reports no income and no tax … read more
The IRS is offering a second voluntary disclosure opportunity for those with offshore accounts. Those who wish to comply with the disclosure must do so by August 31, 2011. The program requires taxpayers to bring all tax filings up to … read more
If you have a foreign partner in your partnership, you may need to pay a withholding tax on that partner. A partnership that has income effectively connected with a U.S. trade or business is required to pay a withholding tax … 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!
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