Blog | WM. F. Horne & Company, PLLC

03Nov2016

Tax Due Dates – November 2016

 

November

November 2016 Individual Due Dates

 

November 10 – Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are…

  • 3 Nov, 2016
  • Jacqueline Cran
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31Oct2016

Thinking of Converting Your Home to a Rental?

 

RENT

 

Article Highlights:

  • Home Gain Exclusion
  • Converting Homes that Have Declined in Value
  • Converted Basis
  • Passive Loss Limitations

If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision.

One of the first issues to consider is that by converting your main home to a rental, you may be giving up an opportunity to realize tax-free income. Currently, taxpayers are allowed to…

  • 31 Oct, 2016
  • Jacqueline Cran
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24Oct2016

Don’t Be Left Holding the Tax Bag

 

tax bag

Article Highlights:

  • Paying Independent Contractors
  • 1099-MISC Reporting Threshold
  • Form W-9 Benefits
  • Penalties
  • Due Date

If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC after the close of the year. If you fail to do so, and your (if you operate as a Schedule C sole proprietor) or your business’s income tax return is subsequently audited, you could lose…

  • 24 Oct, 2016
  • Jacqueline Cran
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20Oct2016

Who Claims the Child? You or Your Ex-Spouse?

divorce

 

Article Highlights:

  • Custodial Parent
  • Dependency (Exemption) Release
  • Joint Custody
  • Tiebreaker Rules
  • Child’s Exemption
  • Head of Household Filing Status
  • Tuition Credit
  • Child Care Credit
  • Child Tax Credit
  • Affordable Care Act
  • Earned Income Tax Credit

If you are a divorced or separated parent with children, a commonly encountered but often-misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes some very specific but complicated rules about who profits from the…

  • 20 Oct, 2016
  • Jacqueline Cran
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18Oct2016

9 Finance Tips All Business Owners Should Follow

 

finance tips (1)

 

Business owners are experts at their industry. You know your products and services well – better than the competition. You know how to reach those customers, too. But, managing what’s behind the scene isn’t always as easy. With the right tools and resources, including a professional by your side, you can enhance the way you do business, reduce your spend, and increase your profit margins. To get started,…

  • 18 Oct, 2016
  • Jacqueline Cran
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13Oct2016

Looking for Ways to Maximize Your Retirement Contributions?

 

retirment.blog

 

Article Highlights:

  • Key Benefits
  • Solo 401(k) Contributions
  • Discretionary Funding
  • Where Deducted
  • Deadlines
  • Roth Option

If you are a sole proprietor with no full-time employees other than yourself and/or your spouse, and you are seeking to maximize your retirement plan contributions, a Solo 401(k) may be right for you. The key benefits of a Solo 401(k) plan allow you to:

  • Manage your own account directly without any brokers, banks, or trust companies as middlemen.
  • Generally contribute larger amounts, approximately…
  • 13 Oct, 2016
  • Jacqueline Cran
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10Oct2016

Ingenious Scam Targets Taxpayers

scam

 

Article Highlights:

  • Scammers Change Tactics
  • Fake IRS Mail Notices
  • Have Your Tax Preparer Review Notice

Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail fake notices requiring immediate payment to a P.O. Box. The P.O. Boxes are located in cities where the IRS…

  • 10 Oct, 2016
  • Jacqueline Cran
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06Oct2016

Time is Running Out: Extended Tax Due Date Just Around the Corner

 

October 17th (1)

 

Article Highlights:

  • Extended Tax Due Date
  • Funding Retirement Plans
  • K-1 Due Dates
  • Late Filing Penalty
  • Interest on Amount Due

If could not file your 2015 return by the normal April due date and requested an extension, be aware that the final due date for your return is October 17, 2016. The date is normally October 15, but that falls on a weekend this year, giving you two extra days to meet your individual tax-filing…

  • 6 Oct, 2016
  • Jacqueline Cran
  • 0 Comments
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05Oct2016

October 2016 Due Dates

 

October

October 2016 Individual Due Dates

 

October 11 – Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are…

  • 5 Oct, 2016
  • Jacqueline Cran
  • 0 Comments
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03Oct2016

Hobbies and Income Tax

 

Hobby or Business?

 

Article Highlights:

  • Hobby, Trade, or Business
  • Profit Motive
  • Factors Determining Profit Motive
  • Presumption of Profit Motive
  • Tax Treatment of Hobbies

Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes…

  • 3 Oct, 2016
  • Jacqueline Cran
  • 0 Comments
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