WM. F. Horne | December 2014

30Dec2014: Last-Minute Congressional Action May Require Some Year-End Tax Moves

Article Highlights: Congress passes extender bill IRA to Charity Transfers for Older Taxpayers Bonus Depreciation for Businesses Sales Tax Deduction Above-the-Line Tuition Deduction Home Energy Saving Improvements Blog: Recent legislation passed just before adjournment by Congress provides some last-minute opportunities for taxpayers. These include tax provisions that had expired in 2013

26Dec2014: IRS Taxpayer Bill of Rights

Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 broad categories. That makes them easier to find and to understand. You can

22Dec2014: Large Employers Must Offer Affordable Health Coverage Beginning In 2015

Article Highlights: Employers subject to the insurance mandate Full-time employees Seasonal employees Part-time employees Minimum essential coverage Employers with 50 but fewer than 100 full-time employees In general, beginning January 1, 2015, employers with at least 100 full-time and full-time-equivalent employees must offer affordable health coverage that provides minimum value to at least 95% of

19Dec2014: Is a 1031 Exchange Right for You?

Article Summary: Basic rules of 1031 exchanges Advantages of exchanges Tax deferral Leveraging the tax savings Asset accumulation Potential management relief Disadvantages of exchanges Added complexity and expense Low tax basis No property flipping Unknown future law changes If you own real property that you could sell for a substantial profit, you may

16Dec2014: Getting the Most Out of Employee Business Expense Deductions

Article Highlights: 2% of income deduction floor Alternative minimum tax Employer accountable plan Bunch deductions Educational assistance plan Sec 179 Expensing Individuals can deduct as miscellaneous itemized deductions certain expenses that they incur in the course of their employment. Generally, qualified business expenses are un-reimbursed expenses that are both ordinary (common and accepted in

10Dec2014: Refinanced Mortgage Interest May Not All Be Deductible

Article Highlights: Refinancing home mortgage interest Acquisition debt Equity debt Traceable debt Allocations Alternative minimum tax Mortgage interest rates continue to be low, and home values are on the uptick. If you are considering a refinance, there are some important home mortgage interest rules you should be aware of. Generally, the mortgage interest that you

04Dec2014: Tax Smart Gifting

Article Highlights: Lifetime exemption Annual exemption Medical exemption Education exemption Gifting techniques Frequently, taxpayers think that gifts of cash, securities or other assets they give to other individuals are tax deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To

02Dec2014: December Due Dates

December 2014 Individual Due Dates December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2014. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2014 should call for a

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