WM. F. Horne | September 2014

30Sep2014: Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; 30 States Affected

WASHINGTON — Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the Internal Revenue Service announced today. Farmers and ranchers

26Sep2014: How to Cut Your Utility Bills While Reducing Your Taxes

Article Highlights: 30% credit for installing certain power-generating systems Solar water-heating systems Solar electric system Fuel cell plant Qualified small wind energy Qualified geothermal heat pump Limited carryover Certification After installing solar or other alternative energy systems in their homes, taxpayers generally benefit from lower utility bills. Taxpayers may also see a lower federal income

25Sep2014: Getting Around the Kiddie Tax

Article Highlights: Reason for the Kiddie Tax Legal Ways to Avoid It Investments that Avoid the Kiddie Tax Other Tax-advantaged Moves for Children Congress created the “Kiddie Tax” to prevent parents from placing investments in their child’s name to take advantage of the child’s lower tax rate. Kiddie Tax rules apply most often to children

23Sep2014: October 15th Extension Deadline Approaching

Article Highlights: Extended due date Late filing penalties Interest on tax due If you were unable to file your 2013 individual tax return by April 15th and filed an extension, you should be aware that the extension gave you until October 15th to file your return or face a late filing penalty, which is 4½%

18Sep2014: Need a New Vehicle? Save Money with Hot End-of-Summer Deals

Shiny new 2015 vehicles are arriving at car dealerships around the country. But shoppers willing to forego the latest bells and whistles may be able to get a hot deal on a new 2014 model. Dealers and manufacturers offer large incentives to move last year’s models off the lot. People who buy new cars in August or September save

17Sep2014: The Individual Shared Responsibility Payment

Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: Maintain a minimum level of health care coverage – known as minimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing their federal income tax returns. Minimum essential coverage generally includes

16Sep2014: How Much Does it Cost to Raise a Child? Plenty

Back-to-school shopping is just one example of how expensive it can be to raise a child. Today’s youngsters want more than pencils and gym shoes to start the school year. Kids also expect (and often get) cell phones, personal computers and designer jeans. The costs continue to mount as you sign up your children or grandchildren

12Sep2014: Repeated Warning about Phone Scams

Article Highlights: Scammers who pretend to be from the IRS are calling people across the country. IRS never initiates contact by phone or e-mail. IRS never asks for credit card numbers or account PINs over the phone. IRS never demands immediate payment. Don’t get hoodwinked! This office has repeatedly warned clients about scams related to

11Sep2014: New IRS Guidance on Changing Accounting Method for Retail Inventory

Retailers often find accounting for merchandise inventory challenging and time-consuming, especially when they carry many different types of products. The retail inventory method simplifies the process by allowing taxpayers to approximate ending inventory without necessarily taking a physical inventory count. In August, the IRS issued final regulations on certain changes within the retail inventory method. Then,

10Sep2014: Charity Purchases and Auctions

Article Highlights Quid pro quo contributions Documentation requirements Separating charitable contribution from purchase price A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly

Older Posts >>

Archive