Blog | WM. F. Horne & Company, PLLC

10Dec2018

If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know

 

gambler

 

Article Highlights:

  • Winnings
  • W-2G Reporting
  • Losses
  • Social Security Income
  • Health Care Insurance Premium Subsidies
  • Medicare B and D Premiums
  • Online Gambling Accounts

 

Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year will exceed their winnings, and since losses in excess of winnings are not deductible, most gamblers don’t…

  • 10 Dec, 2018
  • Jacqueline Cran
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29Nov2018

December 2018 Tax Due Dates

 

december (1)

December 2018 Individual Due Dates

 

December 3 – Time for Year-End Tax Planning

December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2018 should call for a tax planning consultation appointment.

December 10 – Report Tips to Employer

If you are an employee who works…

  • 29 Nov, 2018
  • Jacqueline Cran
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27Nov2018

Legitimate Tax-Deductible Charity or Scam

 

charity or scam

 

Articles Highlights:

 

  • Holiday Giving
  • Scammers and How to Avoid Them
  • Verifying Legitimate Charities
  • Substantiation
  • Special Situations

With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the scammers who come out from hiding whenever there is a disaster and during the holiday season. The last thing you want to…

  • 27 Nov, 2018
  • Jacqueline Cran
  • 0 Comments
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08Nov2018

Business Meals are Still Deductible

 

business meals

Article Highlights:

  • Ban on Deducting Entertainment Expenses
  • Business Meals
  • Mixed Entertainment and Meals
  • Substantiation Requirements
  • Disallowed Employee Business Expenses

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed last December that did away with the business-related deductions for entertainment, amusement or recreation expenses, beginning in 2018. You can still…

  • 8 Nov, 2018
  • Jacqueline Cran
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05Nov2018

Year-End Planning: Things You Need to Know

 

taxplanning

 

Article Highlights:

  • Major Tax Changes in 2018
  • Refund or Tax Due?
  • Underpayment of Taxes
  • Alternative Minimum Tax
  • Minimum Required Distributions
  • Convert into a Roth IRA
  • Review Portfolio for Losses
  • Make the Most of Higher Education Tax Credits
  • Optimize Health Savings Account Contributions
  • Empty Flexible Spending Accounts
  • Bunch Charitable Deductions
  • Remember the Annual Gift Tax Exemption
  • Home Equity Debt
  • Retirement Savings
  • Divorce in the Future
  • Maximize Business Expenses
  • New Flow-Through Deduction

 

This has been a tumultuous year for taxes, with the tax reform that passed in late 2017 generally…

  • 5 Nov, 2018
  • Jacqueline Cran
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29Oct2018

Medical Insurance and Taxes

 

HealthInsurance

 

Article Highlights

  • Uninsured Penalty
  • Employer Plans
  • Health Reimbursement Plans
  • Self-Employed Health Insurance Deduction
  • Itemized Deductions
  • Deductible Medical Insurance

The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, just about everyone is being…

  • 29 Oct, 2018
  • Jacqueline Cran
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22Oct2018

Will You Get a Refund or Owe for 2018?

 

refund or owe

 

Article Highlights:

  • Tax Reform
  • Form W-4
  • Withholding
  • Refund or Tax Due

As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits) exceed your tax liability, and if the pre-payment also got reduced, you could be in…

  • 22 Oct, 2018
  • Jacqueline Cran
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27Sep2018

Are You Prepared for a Disaster?

 

disaster planning

Article Highlights:

  • Business Owners
  • Family and Home
  • Records
  • Disaster Scams
  • Self-help Publications
  • Government Assistance

This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a disaster, but if you are, you will sure wish you had been prepared. It can become a nightmare, whether it…

  • 27 Sep, 2018
  • Jacqueline Cran
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10Sep2018

Is Bunching Right for You?

item or stan

Article Highlights:

  • Standard Deductions
  • Itemized Deductions
  • Bunching Strategy
  • Medical Expenses
  • Taxes
  • Charitable Contributions

Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can employ to reduce your tax…

  • 10 Sep, 2018
  • Jacqueline Cran
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06Sep2018

Taxation of Legal Settlements or Awards

 

legal award

 

Article Highlights:

  • Physical Injury and Physical Sickness
  • Wrongful Death
  • Emotional Distress
  • Previously Deducted Medical Expenses
  • Employment Discrimination
  • Age Discrimination
  • Unpaid or Disputed Employment Earnings
  • Interest
  • Settlements
  • Legal Costs

The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws are often complex and sometimes seemingly discriminatory. The actual taxation of an award is primarily based on the following factors:

  • The nature of the legal action,
  • The…
  • 6 Sep, 2018
  • Jacqueline Cran
  • 0 Comments
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