Blog | WM. F. Horne & Company, PLLC

09Nov2017

Tax Cuts and Jobs Act – See How It Would Affect You

 

tax reform

 

Article Highlights

  • Deductions
  • Exemptions
  • Tax Rates
  • Family and Child Tax Credits
  • Education Benefits
  • Plug-In Electric-Vehicle Credit
  • Alimony
  • Home-Sale Gain Exclusion
  • Moving Expenses
  • Estate Taxes

 

This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions.

The House of Representatives Way and Means Committee has finally released their version of the long-promised tax-reform legislation. This is the first step…

  • 9 Nov, 2017
  • Jacqueline Cran
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30Oct2017

Convert Your Traditional IRA to a Roth IRA Too Soon?

 

ira convert

Article Highlight: 


  • Converting Traditional IRA Funds to a Roth IRA
  • Recharacterizations – Undoing the Conversion
  • Benefits of Recharacterizations
  • Recharacterization Timing

When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion.   However, individuals frequently do this so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account.

Are you considering…

  • 30 Oct, 2017
  • Jacqueline Cran
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26Oct2017

Ignoring Those IRS Notices Only Makes It Worse

ignoring IRS notice

Article Highlights: 


  • IRS Informational Forms
  • Computer Matching
  • IRS Correspondence
  • Procrastination
  • Need for Professional Review

Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets this information and feeds it into its computers. Thanks to modern computer technology, the IRS is able to match…

  • 26 Oct, 2017
  • Jacqueline Cran
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16Oct2017

Hiring the Right Employee Can Get You a Big Tax Credit

 

hiring

 

Article Highlights: 

  • Potential Credit
  • Eligible Employees
  • Credit Determination
  • Certification Process
  • Other Issues

If you are an employer who is willing to help disadvantaged individuals, you could benefit from a substantial federal tax credit. Hiring certain new employees can qualify you for the work opportunity tax credit (WOTC).

The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to $9,600 for certain veterans and up to $9,000 for “long-term family…

  • 16 Oct, 2017
  • Jacqueline Cran
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12Oct2017

What is an RMD?

 

rmd

Article Highlights:

 

  • Required Minimum Distributions
  • When the Distributions Must Begin
  • RMD Distribution Tables
  • Figuring the Amount of the Distribution
  • Beneficiaries
  • IRA-to-Charity Transfers

Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to keep funds in their qualified retirement plans indefinitely. Eventually, assets must be distributed, and taxes must be paid on those…

  • 12 Oct, 2017
  • Jacqueline Cran
  • 0 Comments
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09Oct2017

Natural Disaster Charity Volunteer Tax Breaks

 

volunteer

 

Article Highlights: 

  • Away-from-home travel
  • Lodging and meals
  • Entertaining for charity
  • Automobile travel
  • Uniforms
  • Substantiation requirements

If you volunteered your time for a charity in the aftermath of a natural disaster, you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity or federal, state or local governmental agency, some deductions are permitted for out-of-pocket costs incurred while performing the services. The following are some examples:

  • Away-from-home…
  • 9 Oct, 2017
  • Jacqueline Cran
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25Sep2017

Taking Advantage of Tax-Free Gifting

 

taxfree gifting

 

Article Highlights:

  • Lifetime exclusion
  • Annual exclusion
  • Medical exception
  • Education exception
  • Gifting techniques

If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the estate tax when you pass on.

Frequently, taxpayers think that gifts of cash, securities, or other assets…

  • 25 Sep, 2017
  • Jacqueline Cran
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14Sep2017

Avoid Being Scammed by Fake Hurricane Charities

 

fake charity

 

Article Highlights:

  • Fraudsters
  • Urgent Appeals
  • Tips to Avoid Scams & ID Theft
  • Tax Documentation of Cash Contributions

Whenever there is a disaster such as Hurricane Harvey or Hurricane Irma, the lowlifes show up and try to scam generous individuals out of money intended to go to victims of the disaster. Don’t you be another victim of the disaster – watch out for scammers claiming to represent charitable organizations who will pocket the donations for…

  • 14 Sep, 2017
  • Jacqueline Cran
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05Sep2017

Common Tax Issues Due to a Divorce

 

divorce tax issues

Article Highlights:                                                                                                                                

  • Divorce Court vs. Federal Tax Law
  • Who Claims the Kids
  • Custodial Parent
  • Tax Liabilities
  • Joint and Several Liability
  • Alimony vs. Child Support

If you are in the midst of a divorce, if one is on the horizon, or if you are involved in a dispute with an ex-spouse over the terms of your divorce, you need to be aware that divorce agreements establish your rights related to each other under state…

  • 5 Sep, 2017
  • Jacqueline Cran
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31Aug2017

Tips for Recently Married Taxpayers

 

recent married

 

Article Highlights:

  • Social Security Administration
  • IRS Notification
  • USPS Notification
  • Withholding & Estimated Payments
  • Revising W-4s
  • Insurance Marketplace
  • Filing Status
  • New Spouse’s Past Liabilities
  • Capital Loss Limitations
  • Spousal IRA
  • Deductions
  • Impact on Parents’ Returns

 

Now that the honeymoon is over, there is a number of tax and financial issues newlyweds need to consider and take action on. Some are simply administrative while others can have significant impact on the couple’s tax returns. If you’ve recently married, take some time to review the information…

  • 31 Aug, 2017
  • Jacqueline Cran
  • 0 Comments
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