Blog | WM. F. Horne & Company, PLLC

22Jan2017

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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19Jan2017

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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13Jan2017

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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09Jan2017

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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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
  • 0 Comments
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