Blog | WM. F. Horne & Company, PLLC

07May2018

I Didn’t File My Tax Return; Now What?

 

required to file

 

There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life events, including illnesses, death, or job loss. Whatever your reason and whether you’ve only missed…

  • 7 May, 2018
  • Jacqueline Cran
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03May2018

Taxes and Divorce

 

 divorce tax issues

 

  • Filing Status
  • Claiming the Children as Dependents
  • Child Exemption
  • Head-of-Household Filing Status
  • Tuition Tax Credit
  • Child Care Tax Credit
  • Child Tax Credit
  • Medical Insurance
  • Earned-Income Tax Credit
  • Alimony

If you are recently divorced or are contemplating divorce you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you have children, additional issues include child support; claiming of the children as dependents; the child, child care, and…

  • 3 May, 2018
  • Jacqueline Cran
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30Apr2018

Don’t Toss Those Tax Records Yet!

 

tax records

 

Article Highlights:

  • Reasons to Keep Records
  • Statute of Limitations
  • Maintaining Record of Asset Basis

Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) in case the IRS or a state agency decides to question the information on your tax returns or (2)…

  • 30 Apr, 2018
  • Jacqueline Cran
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26Apr2018

Tax Reform Changes How Alimony is Treated

 

alimony

 

Article Highlights:

  • What Is Alimony?
  • Decrees before 2019
  • Decrees after 2018

Note: This 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 in future years. This series offers strategies that you can employ to reduce your tax…

  • 26 Apr, 2018
  • Jacqueline Cran
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23Apr2018

You May Not Get a Tax Refund Next Year

 

no tax refund

 

Article Highlights:

  • Payroll Withholding
  • W-4

There are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year. For that reason, taxpayers should be overly cautious about their payroll withholding for 2018. One need only look at the W-4 instructions to realize that an individual without any substantial tax training can quickly become lost when filling…

  • 23 Apr, 2018
  • Jacqueline Cran
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05Apr2018

Personal Casualty Losses Axed by the New Tax Law

 

House fire concept. Toy house with flames

 

Article Highlights:

 

  • Casualty Losses
  • Deduction Suspension
  • Disaster Related Casualty Losses
  • Insurance Coverage

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 2017, could affect you and your family, in both 2018 and future years. This series offers strategies that you can employ…

  • 5 Apr, 2018
  • Jacqueline Cran
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02Apr2018

Tax Reform Limits Exchanges to Defer Taxes

住宅イメージとビジネスマン

Article Highlights:

  • Deferring Tax with Like-Kind Exchanges
  • Changes Made by Tax Reform
  • Impact on Trade-ins

Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might…

  • 2 Apr, 2018
  • Jacqueline Cran
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29Mar2018

Tax Reform Cracks Down on IRA Recharacterizations

 

IRA

Article Highlights:

 

  • Tax Trap
  • Traditional IRA
  • Roth IRA
  • Traditional to Roth Conversions
  • Undoing a Conversion

Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might employ to reduce your tax liability under…

  • 29 Mar, 2018
  • Jacqueline Cran
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20Mar2018

Checking Your Federal Refund Status is Easy

 

refund

Article Highlights

  • 24/7 Access
  • Quick Posting
  • Direct Deposit
  • Necessary Information

If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.

Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct deposit into one account, or asked the IRS to mail…

  • 20 Mar, 2018
  • Jacqueline Cran
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15Mar2018

Employee Business Expenses & Tax Reform

 

bus expenses

 

Article Highlights:

  • Miscellaneous Itemized Deductions Subject to the 2% AGI Floor
  • Employee Business Expenses
  • Employee Reimbursement Plan (Accountable Plan)

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…

  • 15 Mar, 2018
  • Jacqueline Cran
  • 0 Comments
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