WM. F. Horne | June 2014

30Jun2014: July Due Dates

July 2014 Individual Due Dates July 1 – Time for a Mid-Year Tax Check Up Time to review your 2014 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and

27Jun2014: The Earned Income Tax Credit: the IRS’s Nemesis

Article Highlights: EITC Fraud and Excess Claims IRS Programs to Detect Fraud and Excess Claims EITC Qualifications Special Military Combat Pay Election Years ago, Congress created the earned income tax credit (EITC) as a refundable tax credit for people who work but have lower incomes. This credit has been a nemesis for the IRS

26Jun2014: Will the Affordable Care Act Impact Your Tax Return for 2014?

Article Highlights: Individual health insurance mandate Penalty for not being insured Premium assistance credit Insurance premium subsidies Repayment of excessive subsidies The Affordable Care Act (ACA), also referred to as Obamacare, imposes an individual mandate requiring all non-exempt U.S. Citizens and legal residents to enroll in government-approved health insurance in 2014 or pay a penalty.

24Jun2014: Summer Travel: Spotlight on Rising Gas Prices

No one predicted that June gas prices would rise to their highest levels since 2011. Usually, gas prices peak in early spring and drop in June. This year, however, they’re staying high due to routine maintenance on U.S. oil refineries, mounting turmoil in Iraq and increased demand as millions of vacationers hit the roads this summer. Driving

23Jun2014: Tax Court Cautionary Tale: Classifying Workers as Contractors

The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent Tax Court decision on the classification of a manager in the home care industry. Note: To make things more understandable, we will call

19Jun2014: Managing the High Cost of Higher Education

Higher education is the key to a brighter future — but the cost of pursuing undergraduate and graduate degrees is more than many Americans can afford. The cost for one year of tuition and fees varies widely among colleges. The average cost of tuition and fees for the 2013-2014 school year was $30,094 at private colleges,

18Jun2014: Summer Travel: Tips for Saving Money and Possibly Taxes

Are you planning a vacation this summer? Two-thirds of Americans have at least one leisure trip planned this summer, according to a recent poll by Harris Interactive, a Nielson Company. That’s 2 percentage points higher than last year’s poll and 6 points higher than 2012. AAA expects 2014 to be the busiest travel season since 2000,

17Jun2014: Tax Facts about Summertime Child Care Expenses

Article Highlights: Day Camps Overnight Camps or Tutoring School Expenses In-Home Care Credit Percentages Maximum Qualifying Expenses Recordkeeping Requirements State Tax Credit Many parents who work or are looking for work must arrange for care of their children during school vacations. If you are one of those, and your children requiring care are under 13

16Jun2014: Tips for Students Planning to Work during the Summer

Article Highlights: Form W-4 Watch Out for Payroll Surprises Tips Odd Jobs Self-Employment Tax Working for Parents ROTC Students Newspaper Delivery Retirement Contributions As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be

10Jun2014: Will Greener EPA Rules Leave Less Green in Your Pocket?

On June 2, the EPA unveiled one of its most significant environmental rules ever. Known as the Clean Power Plan, this proposal strives to reduce carbon dioxide emissions from the power sector by approximately 30 percent nationwide by 2030, compared with 2005 levels. This target builds on progress already underway to curb pollution and boost energy

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