Blog | WM. F. Horne & Company, PLLC

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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
Read more
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
  • 0 Comments
Read more
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
Read more
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
  • 0 Comments
Read more
17Aug2017

Preparing for your Child’s Future Education

 

future education

Article Highlights:

  • Sec. 529 plans
  • Coverdell Education Savings Accounts
  • American Opportunity Tax Credit
  • The Lifetime Learning Credit
  • Qualified Education Loan Interest

Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having the needed money set aside to pay for it.  The government provides a variety of tax incentives to help defray…

  • 17 Aug, 2017
  • Jacqueline Cran
  • 0 Comments
Read more
04Aug2017

Elusive Employee Business Expense Tax Deduction

 

employee business expense

Article Highlights:

  • Employee versus Self-Employed
  • Itemized Deduction
  • Two Percent of AGI Limitation
  • Alternative Minimum Tax Limitation
  • Ordinary and Necessary Requirement

One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. A self-employed individual is able to deduct expenses on his or her business schedule, while an employee is generally limited to deducting them as itemized deductions.

That means self-employed individuals benefit by deducting…

  • 4 Aug, 2017
  • Jacqueline Cran
  • 0 Comments
Read more