Blog | WM. F. Horne & Company, PLLC

17Jun2019

Eldercare Can Be a Medical Deduction

 

elder care

 

Article Highlights:

  • Nursing Homes
  • Meals and Lodging
  • Home Care
  • Nursing Services
  • Caregiver Agencies
  • Household Employees

Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated with the cost of such care. For these individuals, the cost of such care may be deductible as a medical expense.

Incapable…

  • 17 Jun, 2019
  • Jacqueline Cran
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10Jun2019

Gift Tax Treatment of Tuition Plans

 

tuition

 

Article Highlights:

  • Purpose of Qualified Tuition Plans
  • Gift Tax Implications
  • Special Five-Year Election
  • Change of Beneficiary
  • Eligible Expenses
  • Direct Payment of Tuition

Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay qualified tuition and certain other expenses.

Each individual’s contribution to a QTP (also sometimes referred to as…

  • 10 Jun, 2019
  • Jacqueline Cran
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06Jun2019

School’s Out – Who is Going to Take Care of the Kids?

 

School's out 2019

 

Article Highlights: 

  • Child Age Limits
  • Employment-Related Expense
  • Married Taxpayer Earnings Limits
  • Disabled or Full-Time-Student Spouse
  • Expense Limits

Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular solution — with a tax benefit — is a day camp program. The cost…

  • 6 Jun, 2019
  • Jacqueline Cran
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30May2019

June 2019 Tax Due Dates

june 2019

 

June 2019 Individual Due Dates

 

June 10 – Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages…

  • 30 May, 2019
  • Jacqueline Cran
  • 0 Comments
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20May2019

Tax Issues Related to Divorce

 

divorce tax issues

 

Article Highlights: 

  • Family Court
  • Division of Property
  • Spousal Buyout Debt
  • Filing Status
  • Joint and Several Liability
  • Claiming the Children as Dependents
  • Head of Household Filing Status
  • Higher Education Tuition Credits
  • Child Care Credit
  • Child Tax Credit
  • Earned Income Tax Credit
  • Alimony
  • Child Support
  • Conflict of Interest

Divorce is a traumatic event in anyone’s life, and the tax aspects are frequently overlooked, which can add to the distress. The following is an overview of many of the commonly encountered tax issues associated with divorce.

  • 20 May, 2019
  • Jacqueline Cran
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16May2019

Protecting Yourself from Scams, ID Theft, and Cyber Criminals

 

blog theft

 

Article Highlights: 

  • ID Theft
  • What’s in Your Wallet or Purse
  • Phony E-mail
  • Pop-up Ads
  • Only Access Secure Websites
  • Avoid Phishing Scams
  • Security Software
  • Educate Children
  • Passwords
  • Phony Charities
  • Impersonating the IRS
  • Back Up Files
  • If It Is Too Good to Be True

As much as the Internet has changed our lives for the good, it has also opened us up to threats from crooks from all over the world. They are smart and always coming up with a new trick to separate you…

  • 16 May, 2019
  • Jacqueline Cran
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13May2019

Tax Benefits for Members of the Military

blog military

Article Highlights:

  • Service Member Residence or Domicile
  • Service Member Spouse’s Residence or Domicile
  • Non-Taxable Allowances
  • Combat Zone Exclusion
  • Home Mortgage Interest Deduction
  • Home Property Tax Deduction
  • Home Sale Gain Exclusion
  • Moving Deduction
  • Death Gratuity Payments
  • Child Credit
  • Earned Income Tax Credit
  • IRA Contributions
  • Reservist’s Travel Expenses
  • Qualified Reservist’s Pension Withdrawals
  • Retired Military Disability Compensation

Military members benefit from a variety of special tax benefits. These include certain non-taxable allowances, non-taxable combat pay, and a variety of other special tax provisions. Here is a rundown on…

  • 13 May, 2019
  • Jacqueline Cran
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09May2019

The Tax Benefits of Going Green

blog green

Article Highlights: 

  • Refundable vs. Nonrefundable Credits
  • Home Solar Credit
  • Solar-Power Tax Credit Phaseout
  • Is Solar Worth the Expense?
  • Homeowner vs. Home Resident
  • Solar Additions
  • Leased Solar Systems
  • Plug-in Electric Vehicles
  • Multiple Vehicle Purchases
  • Personal Tax Credits
  • General Business Credits

Congress uses tax deductions and tax credits to influence taxpayers’ actions. For instance, it seeks to stimulate taxpayers to reduce their energy consumption and moving away from the use of fossil fuels. In this article, we explore the benefits and drawbacks of…

  • 9 May, 2019
  • Jacqueline Cran
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06May2019

So, You’ve Made a Mistake on Your Tax Return. What Happens Now?

 

blog mistake

Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes are naturally complicated, and the paperwork required to file them properly is often convoluted. This is especially true if you’re filing your taxes yourself — and all of this is in reference to a fairly normal year as far as the IRS is concerned.

The 2018 tax year, however, certainly does not qualify as a…

  • 6 May, 2019
  • Jacqueline Cran
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01May2019

Read This Before Tossing Old Tax Records

 

tax records

 

Article Highlights:

  • Reasons to Keep Records
  • Statute of Limitations
  • Maintaining Record of Asset Basis

If you are a neat-nick and your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid to dump old records, you are probably looking for a box to put them in so you can…

  • 1 May, 2019
  • Jacqueline Cran
  • 0 Comments
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