Blog | WM. F. Horne & Company, PLLC

05Jan2017

Standard Mileage Rates for 2017 Announced

 

mileage rates

 

Article Highlights:

  • 2017 Standard Mileage Rates
  • Business, Charitable, Medical and Moving Rates
  • Important Considerations for 2017
  • Switching Between the Actual Expense and the Standard Mileage Rate Methods
  • Employer Reimbursements
  • Special Allowances for SUVs

As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2017, the standard mileage…

  • 5 Jan, 2017
  • Jacqueline Cran
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03Jan2017

January 2017 Tax Due Dates

 

January 2017

 

JANUARY 2017 INDIVIDUAL DUE DATES

 

January 10 – Report Tips to Employer -

If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10.

January 17 – Individual Estimated Tax Payment Due -

It’s time to make your fourth quarter estimated tax installment payment for the 2016 tax year.

January 17…

  • 3 Jan, 2017
  • Jacqueline Cran
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29Dec2016

Congress Gives Small Employers HRAs the Green Light

 

green light blog

 

Article Highlights:

  • 21st Century Cures Act
  • Background
  • Qualified Small Employer
  • Eligible Employees
  • Reimbursement Limits
  • Transitional Relief

Congress has approved the 21st Century Cures Act, which includes a provision allowing small employers to reimburse their employees for medical expenses under a health reimbursement arrangement without being liable for the draconian, $100 per day penalty for violating the Affordable Care Act’s rules. President Obama has indicated his approval of the bill.

Background: Stand-alone HRAs do…

  • 29 Dec, 2016
  • Jacqueline Cran
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26Dec2016

Not Business as Usual for Employers: W-2 and 1099-MISC Filing Dates Moved Up

 

w2 deadline

 

Article Highlights:

  • Fraudulently Filed Tax Returns
  • Delayed Refunds
  • New W-2 and 1099-MISC Filing Due Dates
  • W-2 Extensions No Longer Automatic

The IRS, in an effort to combat rampant tax filing fraud, has introduced what they hope will be two new fraud-prevention measures for the upcoming filing season. The first will purposely delay until February 15 the issuance of refunds for tax returns where there is an earned income tax credit (EITC) and/or a…

  • 26 Dec, 2016
  • Jacqueline Cran
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22Dec2016

Only 9 Days Left for 2016 Tax Deductions

 

9 days left blog

 

Article Highlights:

  • Actions You Can Still Take to Reduce Your 2016 Tax Bite
  • Actions Must Be Completed Before the End of 2016
  • When Contributions by Check, Text-message or Pay-By-Phone Accounts Are Considered to Be Made
  • Deductible Expenses Paid by Credit Card Are Deductible In The Year Charged

Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, or make tax-deductible charitable contributions for 2016 is…

  • 22 Dec, 2016
  • Jacqueline Cran
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01Dec2016

10 Insane (But True) Ways to Grow Small Business Profits

 

10 ways

 

When you were a kid, you imagined becoming an entrepreneur — a dream that turned into reality a few years ago when you started your first small business and began enjoying the freedom of being your own boss. But, since then, your profits haven’t grown at the rate you’d hoped they would. If you can relate to this scenario, you’re not alone. Thankfully, many proven methods exist to help…

  • 1 Dec, 2016
  • Jacqueline Cran
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24Nov2016

Happy Thanksgiving 2016!

 

 

WFHCO is grateful for your business and wishes you a Happy Thanksgiving.

“In all things give thanks.” 1 Thessalonians 5:18

 

 

thanksgiving FB

  • 24 Nov, 2016
  • Jacqueline Cran
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18Nov2016

Tips for Holiday Charity Giving

 

donation

 

Article Highlights:

  • Holiday Season Charity Gifts
  • Long-form Itemization Required
  • Documentation for Taxes
  • Monetary Donations
  • Property Donations
  • Charity Scams
  • Qualified Charities Only
  • Disaster Scams
  • ID Thieves

The holiday season is the favorite time of the year for charities to solicit donations. It is also the time of year when scammers show up in force, pretending to be legitimate charities in hopes of swindling you. It is also a festive and very busy time of the year, and you may inadvertently…

  • 18 Nov, 2016
  • Jacqueline Cran
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15Nov2016

Having a Low Taxable Income Year? Ways to Take Advantage of It

 

underpaid

 

Article Highlights:

  • Taxable Income
  • Graduated Individual Tax Rates
  • Take IRA Distributions
  • Defer Deductions
  • Convert Traditional IRA Funds into a Roth IRA
  • Zero Capital Gains Rate
  • Business Expenses

Being unemployed, having had an accident that’s kept you from earning income, incurring a net operating loss (NOL) from a business, having an NOL carryover from a prior year, suffering a casualty loss or other incidents that result in abnormally low taxable income for the year can actually give rise to…

  • 15 Nov, 2016
  • Jacqueline Cran
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10Nov2016

Habits that Threaten Your Identity and Pocketbook

 

protect id

 

Article Highlights

  • What’s In Your Wallet Or Purse
  • Your Fear Of The IRS
  • Using Public Internet Connections
  • Not Screening Your E-Mails
  • E-Mailing And Texting Sensitive Information
  • Being Free and Easy With Passwords
  • Using Identical Passwords

They’re just old habits. You likely to do them without even thinking. But these habits could be making you vulnerable to hacks, scams, ID theft and Internet phishing schemes out to separate you from your hard-earned money.

  1. What’s in Your Wallet…
  • 10 Nov, 2016
  • Jacqueline Cran
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