Blog | WM. F. Horne & Company, PLLC


Do I Have to File a Tax Return?


required to file


Article Highlights:

  • When You Are Required to File
  • Self-Employed Taxpayers
  • Filing Thresholds
  • Benefits of Filing Even When Not Required to File
  • Refundable Tax Credits

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is…

  • 20 Feb, 2017
  • Jacqueline Cran
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IRS Clamps Down on Tax Credits


irs crack down


Article Highlights:

  • Affected Credits
  • Retroactive Claims
  • Disallowance Periods for Improper Credit Claims
  • Preparer Due-Diligence Requirements
  • 1098-T Requirement to Claim Education Credits
  • Refunds from AOTC and CTC Returns Will Be Purposely Delayed

In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take effect in 2016 will clamp down on individuals who have fraudulently claimed the American Opportunity Tax Credit (AOTC), the Child Tax Credit…

  • 16 Feb, 2017
  • Jacqueline Cran
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Don’t Overlook Standard Mileage Rate Add-Ons


mileage rates


Article Highlights:

  • Standard Mileage Rate Expenses
  • Additional Deductible Expenses
  • Auto Loan Interest

Business owners often use the standard mileage rate instead of actual expenses when taking a deduction for the business use of their vehicle. The standard mileage rate is determined annually by the IRS by using data from a study conducted by an independent contractor of vehicle operating expenses based on the prior year’s costs. The operating expenses include:

  • Gasoline,
  • Oil,
  • Lubrication,
  • Repairs,
  • Vehicle registration fees,
  • Insurance, and
  • Straight…
  • 10 Feb, 2017
  • Jacqueline Cran
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Along with Tax Season Come the Tax Scams


This is the IRS...


Article Highlights:

  • Tax Season Brings Scams
  • Key ID Elements
  • How the IRS Operates
  • Email Scams & Phishing
  • Phone Scams
  • ID Thieves

One thing we can count on when tax season begins is the scammers coming out from under their rocks with schemes to try and trick you so they can steal your ID and file returns under your Social Security number (SSN). Or, they may even email or call you pretending to be IRS…

  • 2 Feb, 2017
  • Jacqueline Cran
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Important Tax Changes for Small Businesses


taxes changes (2)


Article Highlights:

  • Section 179 Expensing
  • Bonus Depreciation
  • Vehicle Depreciation
  • New Filing Due Dates
  • Work Opportunity Credit
  • Research Credit

Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a business’s taxes for 2016. Here is a rundown of those tax changes that need to be considered when preparing your 2016 and…

  • 22 Jan, 2017
  • Jacqueline Cran
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What Does the Future Hold for Taxes?


taxes future


Article Highlights:

  • Trump’s Proposed Tax Policies
  • Consolidated Tax Rates
  • Increased Standard Deductions
  • Comparison Worksheet
  • Other Factors

One topic that is frequently being discussed is what the future holds for individual taxation under incoming President Trump. Numerous blog entries have been posted on the issue; many proclaim that the wealthy will be the beneficiaries of Trump’s tax policies, and some declare that lower-income taxpayers will see tax increases.

Those predictions are based upon his proposal to consolidate…

  • 19 Jan, 2017
  • Jacqueline Cran
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1099 Filing Date Moved Up This Year; Don’t Get Trapped Into Penalties


1099 filing date


Article Highlights:

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

If, in your business, you 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 him or her a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for his…

  • 13 Jan, 2017
  • Jacqueline Cran
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Social Security Benefits Increase for 2017


ss benefits (1)


Article Highlights:

  • 2017 Social Security Benefits Increase
  • Increased Social Security Tax on Earnings
  • Social Security Cost of Living
  • Cost of Medicare Insurance

The Social Security Administration (SSA) announced that Social Security (SS) benefits will be revised for a cost-of-living adjustment (COLA) increase of 0.3% in 2017. While this is better than the 0% increase that occurred for 2016, don’t get excited; the typical older adult receiving benefits will see only a $4.00 increase…

  • 9 Jan, 2017
  • Jacqueline Cran
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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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January 2017 Tax Due Dates


January 2017




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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