In one of the craziest, most surreal tax seasons I can ever remember, I thought it would be interesting to do another episode of Overheard in the Hallways. You know, things you have heard throughout the three months, with no context, that just make you laugh out loud. “I think it must all be taxable …
Where’s my refund? Are you asking yourself this question? We’re in the final days of tax season. Maybe your return is already in the hands of the IRS or maybe you’re waiting until the last minute. Either way, if you’re owed money, you want to know when it’s coming, right? You may be tempted to …
How long is the tax code? Out of curiosity, a download of the current version (through November 29, 2018) is 6,499 pages. While it’s not all code provisions, that’s still too many! Then, there’s accompanying regulations that explain the code. In addition, the IRS publishes other guidance and court decisions to interpret various provisions. Even …
You may not realize the Social Security benefits you received in 2018 may be taxable. You should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of your benefits. You can use this information to help determine if your benefits are taxable. Here are five tips from the IRS to …
If you have traveled with a major airline recently or opened a new credit card, it’s very possible that you have received frequent flyer miles. While you were dreaming of where those miles might take you, you may not have stopped to ask whether those miles are taxable. Fortunately, frequent flyer miles are generally not …
Recently the U.S. Supreme Court issued a landmark ruling in South Dakota v. Wayfair. This ruling opens the door for states to impose sales tax on internet retailers who sell into a state even if they have no property or employees in that state. Not surprisingly, other states have taken notice and are starting to …
You can now get tax tips and helpful news from the IRS on Instagram. The agency just debuted its official Instagram account – IRSNews. Last year’s tax reform law brought many tax law changes that will affect virtually every taxpayer. The IRS Instagram account will share taxpayer-friendly information to help you better understand these changes …
The IRS released Rev. Proc. 2018-57 to provide certain international inflation adjustments for 2019. Here is a summary of the adjustments relating to international areas of tax, including the prior year for comparison. Please consult your Henry+Horne tax professional for questions or assistance with your international tax needs. This information is general and should not …
One notable change from The Tax Cuts and Jobs Act of 2017 (TCJA) was the limitation of the state and local tax deduction on Schedule A. For those itemizing deductions, the maximum deduction allowed is capped at $10,000 per year, effective on your 2018 tax return. This includes taxes such as real estate tax, personal …
Parents of high school students preparing to go to college – beware! There’s a college test prep scam targeting you. According to the FTC, someone claiming to be from the College Board, the organization in change of the PSAT and SAT tests, calls or emails you and asks for your credit card number in order …