Blog | WM. F. Horne & Company, PLLC

22Dec2010

Limited Liability Companies Must File Annual Reports Starting in 2011

Pursuant to Section 79-29-215 Miss. Code Ann. (1972), all limited liability companies operating in Mississippi will be required to file an Annual Report with the Secretary of State starting with the calendar year 2011. The new LLC Annual Reporting Form will be available to the public beginning Monday, January 3, 2011, on the Secretary of State’s website, www.sos.ms.gov. The deadline for completing the report is April 15th of each year.

Mississippi LLCs may submit their report without charge….

  • 22 Dec, 2010
  • webmaster
  • 0 Comments
Read more
20Dec2010

Dividing an Inherited IRA Before Year-End Can Improve Tax Results for Each Beneficiary

December 31, 2010 is an important deadline for individuals who inherited an IRA from an IRA owner who died in 2009. Where there are multiple beneficiaries for the IRA, splitting up the account into several accounts can yield important tax and other benefits for each beneficiary.

When an inherited IRA has several beneficiaries and is left in one account, the required minimum annual distributions are based on the age of the oldest beneficiary (shortest life expectancy) rather than…

  • 20 Dec, 2010
  • webmaster
  • 0 Comments
Read more
16Dec2010

Maximizing Credits to Reduce Taxes

There are a number of credits that can help reduce your tax bite for 2010. Unlike a deduction (which reduces your taxable income and thus provides a benefit equal only to the deduction amount times your tax rate), a tax credit is a dollar-for-dollar reduction of your tax. For some credits―such as the Earned Income Tax Credit, Child Tax Credit, Child and Dependent Care Credit, and others―there’s not much you can do to change the outcome. However, there are…

  • 16 Dec, 2010
  • webmaster
  • 0 Comments
Read more
14Dec2010

Tips for Year-End Donations

The year-end brings the holidays and a barrage of charitable solicitations. It is also your last chance to make a charitable contribution and obtain a deduction for 2010.

Over the past few years, the IRS has tightened the recordkeeping rules for charitable contributions. Therefore, it might be appropriate to review the recordkeeping requirements before making your year-end donations to your favorite charities.

Rules for Clothing and Household Items – To be deductible, clothing…

  • 14 Dec, 2010
  • webmaster
  • 0 Comments
Read more
09Dec2010

Is it Best to Maximize or Minimize Deductions?

As the end of the year approaches, it’s a good time to review your potential tax deductions and develop a strategy that maximizes the benefits. Most taxpayers may deduct the higher of two amounts from adjusted gross income when figuring their taxable income. These amounts are either a fixed amount set by law (the “standard deduction”) or a listing of the expenses the taxpayer paid during the year that the government allows (known as “itemized deductions”)….

  • 9 Dec, 2010
  • webmaster
  • 0 Comments
Read more
01Dec2010

Pick a Hybrid or Lean-Burn Vehicle

If you are planning to purchase a new automobile before the end of the year, it might be appropriate to purchase either a hybrid or lean-burn vehicle. Credits for these types of vehicles range from $900 to $2,350. However, this credit has phased out for most manufacturers and is currently available only on qualified vehicles manufactured by General Motors, Chrysler, Nissan, Mazda, BMW, and Mercedes for hybrid vehicles, and by Volkswagen, Audi, and Mercedes for…

  • 1 Dec, 2010
  • webmaster
  • 0 Comments
Read more
22Nov2010

Capital Gains Strategies

One of the greatest benefits of the tax code is the special tax rates that currently apply to gain recognized from the sale of capital assets held for more than a year (long-term). The special tax rates apply to virtually all capital assets including land, improved real estate, your main and vacation homes, and business assets in excess of the accumulated depreciation previously deducted. These special long-term capital gains (LTCG) rates for 2010 are 0%…

  • 22 Nov, 2010
  • webmaster
  • 0 Comments
Read more
19Nov2010

Rental Owners Need to Prepare for the New 2011 Reporting Requirement


If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to provide an information return (typically Form 1099-MISC) to IRS and to the service provider. In order to do that, you must obtain the payee’s name, SSN and contact information before…

  • 19 Nov, 2010
  • webmaster
  • 0 Comments
Read more
11Nov2010

New Roth IRA Opportunities

2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level. This can provide a significant opportunity for certain taxpayers.

There are several advantages to a Roth IRA – All future earnings and distributions at retirement generally will be tax-free, and Roth IRAs are not subject to the required minimum distribution rules. Because distributions…

  • 11 Nov, 2010
  • webmaster
  • 0 Comments
Read more
08Nov2010

Beware of a New Fraud Risk!

There is a fraud risk related to the Electronic Federal Tax Payment System (EFTPS) that you need to be aware of.

Always remember that the IRS does not initiate taxpayer contact by e-mail. Therefore, if you receive an e-mail that appears to be from a tax agency telling you that your federal electronic funds transfer (EFT) payment did not go through, it is part of a phishing scheme and you should not respond to it. The…

  • 8 Nov, 2010
  • webmaster
  • 0 Comments
Read more