Blog | WM. F. Horne & Company, PLLC

13Mar2018

Business Income and Tax Reform

 

business income

 

Article Highlights:

  • Sec 199A Deduction
  • Qualified Business Income
  • Threshold
  • Specified Service Businesses
  • Limitations
  • Wage Limit
  • Aggregating Amounts

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…

  • 13 Mar, 2018
  • Jacqueline Cran
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28Feb2018

Medical Deductions & The New Tax Law

 

medical deductions

 

Article Highlights:

  • Medical Deductions Retained by the Tax Reform Law
  • Adjusted Gross Income Floor Dropped to 7.5%
  • The Standard Deduction
  • Bunching Medical Deductions
  • Unusual Medical Deductions
  • Medical Dependents
  • Divorced Parents

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…

  • 28 Feb, 2018
  • Jacqueline Cran
  • 0 Comments
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26Feb2018

New Tax Law Severely Limits Entertainment Deductions

entertainment1 (1)

 

 

Article Highlights:

  • Business Entertainment Expenses
  • Business Meals
  • Directly Related To Test
  • Associated With Test
  • Employee Meals

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

  • 26 Feb, 2018
  • Jacqueline Cran
  • 0 Comments
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23Feb2018

Deducting Business Losses Under the New Tax Reform

 

business loss (1)

 

Article Highlights:

  • Excess Business Loss
  • Computing the Loss Limits
  • Net Operating Losses (NOL)
  • NOL Carryovers

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 future years. This series offers strategies that you can employ…

  • 23 Feb, 2018
  • Jacqueline Cran
  • 0 Comments
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21Feb2018

Surprise! Extender Bill Passed

 

surprise (1)

 

Article Highlights:

  • Mortgage Insurance Premiums
  • Above-the-Line Education Expenses
  • Exclusion of Home Cancellation of Debt Income
  • Credit for Nonbusiness Energy Property
  • Credit for New Qualified Fuel Cell Motor Vehicles
  • Credit for Alternative Fuel Vehicle Refueling Property
  • Credit for 2-Wheeled Plug-In Electric Vehicles
  • Credit for Energy-Efficient New Homes
  • Race  Horses as 3-Year Property
  • Energy Efficient Commercial Buildings Deduction

Congress passed the Budget Bill recently, and the president signed it. To the surprise of many, the bill included a number of extenders that…

  • 21 Feb, 2018
  • Jacqueline Cran
  • 0 Comments
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29Jan2018

Will Your 2018 Withholding Be Right?

 

withholding

 

Article Highlights:

 

  • Tax Cuts & Jobs Act
  • Wage Withholding Tables
  • W-4
  • Be Cautious with Adjusted Withholding

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…

  • 29 Jan, 2018
  • Jacqueline Cran
  • 0 Comments
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25Jan2018

New Tax Law Cracks Down on Home Mortgage Interest

 

mortgage interest

 

Article Highlights:

  • Acquisition Debt Interest
  • Equity Debt Interest
  • Consumer Interest
  • New Tax Law Changes

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…

  • 25 Jan, 2018
  • Jacqueline Cran
  • 0 Comments
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15Jan2018

1099 Filing Date Just Around the Corner

 

 

1099

 

Article Highlights:

  • Independent Contractors
  • 1099 Filing Requirement
  • Due Dates
  • Penalties
  • Form W-9 and 1099 Worksheet

If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, you are required to issue the individual a Form 1099-MISC soon after the end of the year to avoid penalties and the prospect of…

  • 15 Jan, 2018
  • Jacqueline Cran
  • 0 Comments
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11Jan2018

2018 Standard Mileage Rates

 

2018 mileage

 

Article Highlights:

  • Standard Mileage Rates for 2018
  • Business, Charitable and Medical Rates
  • Important Considerations for 2018
  • Switching Between the Actual Expense and Standard Mileage Rate Methods
  • Employer Reimbursements
  • Employee Deductions Suspended
  • Special Allowances for SUVs

As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable or medical purposes.
Beginning on Jan. 1, 2018, the standard mileage rates…

  • 11 Jan, 2018
  • Jacqueline Cran
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04Jan2018

Tax Cuts and Job Act Summary

 

TaxReform

 

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here is a look at some of the more important elements of the new law.  This is not a comprehensive review, but rather a summary of those items that we feel are the most relevant to our individual and business clients.

 

Individual Provisions

 

While the TCJA will lower rates at many income levels, determining the overall impact on…

  • 4 Jan, 2018
  • Jacqueline Cran
  • 0 Comments
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