WM. F. Horne | June 2017

29Jun2017: July 2017 Tax Due Dates

July 2017 Individual Due Dates July 1 – Time for a Mid-Year Tax Check Up Time to review your 2017 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

22Jun2017: Job Search Expenses May Be Tax-Deductible

Article Highlights: Schedule A Travel Expenses Résumé Preparation Job-Placement Services Unemployment Income Health Insurance If you are looking for work, some of the expenses you incur may be tax-deductible, provided that you are looking for work within the same field. Unfortunately, expenses incurred when the job search is in a new field or a first

19Jun2017: The IRS Has Become More Liberal With College Expenses

Article Highlights: Computers Internet Access Qualified State Tuition (Sec. 529) Plans American Opportunity Tax Credit Required for Enrollment or Attendance Computers and the Internet have become integral parts of education by providing access to online courses, learning and research. It is virtually impossible to be enrolled in postsecondary education without a computer, which is

15Jun2017: Does Your Employee Misclassify You as an Independent Contractor Instead of as an Employee?

Article Highlights Employee Independent Contractor Behavioral Control Financial Control Relationship Request For IRS Determination Self-Employment Tax It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue. If your employer reports your

12Jun2017: Can You Deduct a Home Office? Is It Worth It?

Article Highlights: Qualifications Employee Issues Method Options Income Limitations Relocation “Home office” is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the

08Jun2017: Are You Ignoring the Household Employee Payroll Rules?

Article Highlights: Household Employees Tax Avoidance Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay Or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do

05Jun2017: Odds of Being Targeted by the IRS for Audit

Article Highlights: IRS Audit Focus Data Book Tax Revenues Audits by Income EITC Top Audit Target If you, like others, dread the thought of being audited by the IRS, then you should know that the IRS, like any good business, concentrates its efforts where they produce the best results (revenue)! Thus, its audit

02Jun2017: Deductions Eliminated Under Trump’s Tax Reform Proposal

Article Highlights: Deductions the Proposal Retains Itemized Deductions the Proposal Eliminates Other Deductions the Proposal Eliminates One of President Trump’s key tax reforms is to eliminate all individual tax deductions except for those that incentivize home ownership, charitable contributions and retirement contributions. Although the administration’s one-page outline of the proposed tax reforms provides little

01Jun2017: June Tax Due Dates

June 2017 Individual Due Dates June 12 – 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 12. Your employer is

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