We have commented on scams in the past. Unfortunately, these scams keep getting more creative, as well as more prevalent. The Internal Revenue Service recently issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during … read more
Which form should you use to file your federal income taxes? These days, most people use a computer to prepare and e-file their tax forms. It’s easy, because tax software selects the right form for you. If you file on … read more
Every U.S. person has a lifetime exclusion from federal estate and gift taxes. The 2010 Tax Relief Act created the “deceased spousal unused exclusion amount” (DSUEA). (See separate article describing the DSUEA here.) For a surviving spouse, the DSUEA is … read more
Most people are familiar with the various 1099 series forms, such as the 1099-MISC, 1099-B, 1099-INT and the 1099-DIV. In the last two years, however, businesses have been receiving an unfamiliar form: the 1099-K. Fortunately for taxpayers, not much needs … read more
When is 1099 reporting required? Reporting is required when businesses make payments of $600 or more in the course of trade or business in a calendar year to a single payee (exclusions may apply). Generally, payments made for the following … read more
It can be so annoying to call anywhere and just want to get some answers, but you need to dial through a number of options, only to be on interminable hold. It turns out the IRS is no different than … read more
The IRS would like to remind you that each year millions of people have their tax returns prepared for free by volunteers. These volunteers are part of the IRS Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. … read more
Overlooking the minor detail that you have given the federal government a tax free loan for 2011, you are so excited to be getting a refund on your 2011 individual income tax return. And it is always better to receive … read more
During a recent Internal Revenue Service examination, the agent questioned the deductibility as a charitable contribution the amount of a loan that the taxpayer forgave to a charitable organization. In fact, the agent indicated that he had discussed the issue … 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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