Recently, there have been a number of cases disallowing bad debt deductions, particularly for loans to shareholders and related parties. If a related party loan becomes worthless, it is treated no differently from a debt to an unrelated party. Of … read more
If you’ve found yourself making career changes this year, you may be able to deduct some of the job hunting expenses that you incurred on your next tax return. Deductible job search costs can include: Resumé costs – any expenses … read more
Oftentimes employees will be asked to pay for job-related expenses out of pocket. Some companies have a reimbursement plan where the employee will submit an expense report with all necessary documentation (receipts, mileage log, etc.) and will receive a check … read more
The IRS has made several recent changes to their offshore compliance programs in order to assist taxpayers who wish to come into compliance, as well as ease the resulting tax burden. These streamlined filing procedures are designed only for individual … read more
If you’re a member of the U. S. Armed Forces, likely the last thing on your mind is taxes. Be aware though, there are many special tax benefits available to members of the armed forces. Following are six of those … read more
Life is full of surprises, or as you may have heard – “Life is what happens to you while you are making plans”. But what if these life changes have an impact on your taxes and it is the middle … read more
Paying taxes is never fun, but it has just become a little easier since the launch of the new IRS Direct Pay system. The link is found on the IRS website at Direct-Pay. You can use Direct Pay to make … read more
The IRS never contacts you via email. However, they have been known to contact taxpayers on the telephone. And the latest round of scammers are taking that information and using it to their (criminally-inclined) advantage. The latest phone scam has … read more
Have you been challenged to dump a bucket of ice water on your head? If you have no idea what I am talking about, you must not be on social media, or any Internet sites, and therefore I don’t know … read more
We all assume that we can deduct interest paid on our personal residence, but that is not always the case. Personal versus business interest generally is not deductible. Section 163(h) prohibits an individual taxpayer from claiming a deduction for personal … 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!
- Establishing that Debt is Bona Fide Debt
- Deducting Job Hunting Expenses
- Understanding Unreimbursed Employee Business Expenses
- New Forms Simplify Streamlined Offshore Compliance Program
- Armed Forces Members and Tax Benefits
- Oh, No! Life Changes and Taxes
- How to Make Your Tax Payments to the IRS Online
- The IRS is NOT Issuing Arrest Warrants
- Dodging the Ice Bucket Challenge for a Charitable Contribution?
- When Mortgage Interest May Not be Deductible