Blog | WM. F. Horne & Company, PLLC

17May2018

Tax Reform Suspends the Tax Deduction for Employee Business Expenses

BusExpenses

Article Highlights:

 

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

 

Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were employees were able to deduct expenses related to their employment as a miscellaneous itemized deduction, to the extent the expenses exceeded 2%…

  • 17 May, 2018
  • Jacqueline Cran
  • 0 Comments
Read more
14May2018

2018 Tax Planning

preparing

Article Highlights:

  • Increase In Standard Deduction
  • Loss of Personal Exemptions
  • Changes to Itemized Deductions
  • Bunching Strategy
  • Employee Business Expenses
  • Business Expensing
  • 20% Flow-through Income Deduction
  • Change in Treatment of Alimony
  • Casualty Losses, Home Equity Interest and Moving No Longer Deductible

Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual, and those who think it is are in for a rude awakening come tax time next…

  • 14 May, 2018
  • Jacqueline Cran
  • 0 Comments
Read more
10May2018

Solar Tax Credit: The Dark Side

solar energy

Article Highlights:

 

  • Solar Promotions
  • Solar Tax Credit
  • Nonrefundable Credit
  • Financing Costs
  • Solar Credit Phase-out
  • Leasing a Solar System

 

There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit is the 30% federal tax credit.

What isn’t included in the ads—and something most potential buyers are unaware of—is that the solar credit is a nonrefundable…

  • 10 May, 2018
  • Jacqueline Cran
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more
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
  • 0 Comments
Read more