Blog | WM. F. Horne & Company, PLLC

17Aug2010

Having a Bad Year? You May Qualify for the Earned Income Credit.

Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may qualify for a credit that they previously were not entitled to because of income limitations.

The Earned Income Tax Credit (EITC) is for people who work, but have lower incomes. If you qualify, it could be worth up to $5,666 for 2010. So, you could pay less federal tax or even be eligible for a…

  • 17 Aug, 2010
  • webmaster
  • 0 Comments
Read more
13Aug2010

New Regulations Provide More Insight to Health Care Reform

The Departments of Labor, Treasury and Health and Human Services recently issued regulations to implement a new Patient’s Bill of Rights as part of the Health Care Reform Act. The major initial provisions include the following:

Insurance for Uninsured Americans with Pre-Existing Conditions

Beginning July 1, 2010, a Pre-Existing Condition Insurance Plan will provide new coverage options to individuals who have been uninsured for at least six months because of a pre-existing condition. States have the option…

  • 13 Aug, 2010
  • webmaster
  • 0 Comments
Read more
11Aug2010

Small Business Expenses 101

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to).

Large tax deductions are a notorious red flag for the IRS, with home-based businesses, in particular, facing an increase in tax audits due to suspicious deduction activity on income tax…

  • 11 Aug, 2010
  • webmaster
  • 0 Comments
Read more
09Aug2010

Report Tips to Employer by August 10th

If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 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 insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding…

  • 9 Aug, 2010
  • webmaster
  • 0 Comments
Read more
06Aug2010

Homebuyer Credit Closing Deadline Extended to September 30, 2010

The deadline for the completion of qualifying First-Time Homebuyer and Long-Term Homeowner Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home.

Note- This extension ONLY extends the time by which taxpayers who had entered into a binding contract before May 1, 2010 can actually complete the purchase (close escrow). It does not extend the “before May 1” contract date…

  • 6 Aug, 2010
  • webmaster
  • 0 Comments
Read more
03Aug2010

Tips on the 10 Percent Tax on Tanning Services

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services that it provides. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010.

Here are nine tips on the tanning excise tax that providers must collect.

  • Businesses providing ultraviolet tanning services must collect the 10 percent excise tax at the time the customer pays for the tanning services. 
  • 3 Aug, 2010
  • webmaster
  • 0 Comments
Read more
23Jul2010

The State of the Estate Tax Reform


Many clients have been asking about the status of the estate tax. Regrettably, there is nothing new to report on this issue for federal purposes. Presently, there is no federal tax on the estates of individuals dying in 2010. Although many believed that Congress would reinstate the tax on estates in 2010, that has not happened, and the more time that passes the less likely it is that it will happen. Meanwhile, some…

  • 23 Jul, 2010
  • webmaster
  • 0 Comments
Read more