Blog | WM. F. Horne & Company, PLLC

Article Highlights:

• Time to gather your information for your tax appointment
• New for 2018
• Choosing your alternatives
• Tips for pulling your information together

Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this task depends upon how well you maintained your tax records throughout the year. No matter how good…

Article Highlights:

• Pre-2019 Alimony
• Post-2018 Alimony
• Definition of Alimony
• Alimony and IRA Contributions
• State Treatment of Alimony

Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly provide that alimony received is not included in the recipient’s income, alimony will no longer be…

We would like to take this opportunity to thank you for your continued patronage of our firm and wish you and yours a very happy New Year. We look forward to working with you on the preparation of your 2018 returns this tax season.

If you have questions related to income, deductions, credits, or preparing for your appointment, please call.

Article Highlights: 

• Independent Contractors
• Non-employee Compensation
• 1099 Filing Requirement
• Due Dates
• Penalties
• Form W-9 and 1099 Worksheet

If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for his or…

Highlights:

• Standard Mileage Rates for 2019
• Business, Charitable, Medical and Moving Rates
• Important Considerations for 2019
• Switching between the Actual Expense and Standard Mileage Rate Methods
• Employer Reimbursements
• Employee Deductions Suspended
• Special Allowances for SUVs

The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year.

As it does annually around the end of the year, the IRS…

Article Highlights:

• Non-business deductions
• Tax bracket
• Above-the-line deductions
• Business deductions

Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions…

Article Highlights:

• Disaster Losses
• Elections
• Net Operating Loss
• AGI Limitations
• Possible Gain

Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you…

Article Highlights:

• Winnings
• W-2G Reporting
• Losses
• Social Security Income
• Health Care Insurance Premium Subsidies
• Medicare B and D Premiums
• Online Gambling Accounts

Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year will exceed their winnings, and since losses in excess of winnings are not deductible, most gamblers don’t…

December 2018 Individual Due Dates

December 3 – Time for Year-End Tax Planning

December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2018 should call for a tax planning consultation appointment.

December 10 – Report Tips to Employer

If you are an employee who works…

Articles Highlights:

• Holiday Giving
• Scammers and How to Avoid Them
• Verifying Legitimate Charities
• Substantiation
• Special Situations

With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the scammers who come out from hiding whenever there is a disaster and during the holiday season. The last thing you want to…