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
Employers can now claim a refund of overpaid FICA taxes and income tax withholdings paid on benefits provided to same-sex couples because those benefits are now tax free. Regular procedures require an employer to file a separate Form 941-X for … read more
You did it! You survived filing your tax return and the deadline has passed. Don’t wait until next January to start thinking about your taxes though. There are many steps you can take now that will help you come next … read more
It’s not too late to adjust your 2012 tax withholding to avoid big tax refunds or tax bills when you file your tax return next year. You should act soon to adjust your tax withholding to bring the taxes you … read more
The IRS requires taxpayers to make tax payments throughout the year in order to avoid underpayment penalties. Most taxpayers receive the bulk of their income in the form of wages and satisfy the payment requirements through the tax withheld by … read more
Okay, now that the tax professionals have all had time to catch our breath from the past tax season, we are ready to start thinking about next year! The following suggestions are from the IRS, where they remind us that … 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
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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