Blog | WM. F. Horne & Company, PLLC

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
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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
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28Aug2017

Using Online Services Such as Airbnb to Rent out Your Home? Better Read This!

 

renting vrbo

 

Article Highlights:

  • Airbnb, VRBO, and HomeAway
  • Rented for Fewer than 15 Days during the Year
  • The 7-Day and 30-Day Rules
  • Exceptions to the 30-Day Rule
  • Schedule C Reporting

Renting out your home or second home for short periods of time is becoming increasingly popular with the advent of online services that match property owners with prospective renters. The online sites providing these services include Airbnb, VRBO, and HomeAway.

There are special (and often complex) taxation rules…

  • 28 Aug, 2017
  • Jacqueline Cran
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24Aug2017

Gambling and Tax Gotchas

 

gambling gotchas

Article Highlights:

  • Winnings
  • Losses
  • Social Security Income
  • Health care Insurance Premium Subsidies
  • Medicare B & D Premiums
  • Online Gambling Accounts

Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling than you might expect, and they may be impacting your taxes…

  • 24 Aug, 2017
  • Jacqueline Cran
  • 0 Comments
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21Aug2017

Tax Breaks for Military Personnel

 

military tax break

Article Highlights:

  • Residence or Domicile
  • Moving Expenses
  • Combat Pay Exclusion
  • Living Allowances
  • Home Mortgage Interest and Taxes
  • Home Sale Gain Exclusion
  • Reservist Travel Expenses
  • Reservist Early Withdrawal Exception
  • Extension of Deadlines
  • Uniform Costs and Upkeep
  • Joint Returns
  • Tax Forgiveness
  • ROTC Students
  • Transitioning Back to Civilian Life

Military service members have special obligations and take risks while performing their service to our country, which impact their tax situation. As a result, they are entitled to a number of special tax breaks. The following are…

  • 21 Aug, 2017
  • Jacqueline Cran
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