taxable income

Righting the Wrongs – The Wrongful Incarceration Exclusion

It’s difficult to imagine being convicted of a crime and wrongfully incarcerated. It’s even harder to imagine that when ultimately the truth sets you free the damages you receive are subject to tax. Congress too saw the irony in the … read more

Gift Stock to Help a Loved One – 0% Rate Tip

Do you have a loved one that may be in school, struggling with student loans, or buying a house? Yes? No? To be honest it doesn’t matter, because for this tax savings gifting tip, you don’t need a “qualified” reason … read more

Navigating the New W-8BEN-E Form

We were first introduced to the new W-8BEN (for individuals) and W-8BEN-E (for entities) when the IRS released draft forms applicable to the 2014 tax year. The IRS continues to fine-tune the W-8BEN-E forms and instructions in the 2015 drafts. … read more

The Proper Way to Report Business Charitable Deductions

The rules for making charitable donations from your business are similar to those governing personal donations. For example, you can donate cash or property, your total deduction may be limited, you may need to get an appraisal to establish value, … read more

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


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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