WM. F. Horne | June 2016

27Jun2016: Solar Tax Credits

Article Highlights: Non-Refundable Solar Tax Credit Qualifications Installation Costs Financing When you see those TV ads for home solar power, you may get the impression that Uncle Sam is going to pick up 30% of your cost and you only have to come up with the other 70%. That is not necessarily the whole

23Jun2016: School’s Out! Who is Going to Take Care of the Kids?

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 childcare credit 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 handicapped) during

20Jun2016: Employers, Don’t Miss the Work Opportunity Tax Credit

Article Highlights: Credit is Elective Credit Amount Work Hours Requirements Targeted Groups Limitations Certification Requirement Through 2019, employers who hire individuals from targeted groups are qualified to claim the work opportunity tax credit (WOTC). The credit is elective, and if claimed it reduces the employer’s wage deduction dollar for dollar.

16Jun2016: Deadline for Reporting Foreign Financial Interests is June 30

Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements Every U.S. citizen and resident who has foreign financial interests in or signature or other authority over any foreign financial accounts, including bank, securities, or other types of financial accounts in a

13Jun2016: Receiving Cash Tips? The IRS is Watching.

Article Highlights: Collecting Cash Tips Tip Splitting Service Charges Record Keeping Employer Reporting Allocated Tips Anyone who collects cash tips must include them in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab drivers, beauticians, porters, concierges, etc. Tips are amounts freely given by

09Jun2016: Surviving Spouse Estate Tax Exclusion

Article Highlights: Estate Tax Estate Tax Exclusion Adjustments to the Estate Tax Exclusion Estate Tax Return Requirement for Election Deciding Whether Filing an Estate Tax Return Is Worth the Cost The estate tax is a tax on the transfer of property after an individual’s death. It consists of an account of everything the

06Jun2016: Roth IRA Aging Requirement

Article Highlights: Qualified Distributions Age 59.5 Age Exceptions Five-Year Aging Rule Non-Qualified Distributions You probably know that a Roth IRA can provide tax-free retirement income, but did you know the account must be “aged” before its earnings can be withdrawn tax-free? Unlike traditional IRA accounts, contributions to Roth IRAs provide no tax deduction when

02Jun2016: Oops, Did You Forget Something on a Tax Return?

Article Highlights: Overlooked Deductions and Credits Amended Tax Documents Overlooked Income Filing Statute of Limitations If you have already filed your tax return and forgot an item of income or forgot to claim a deduction or credit, it is not too late! An amended return can be filed to correct an already

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