Blog | WM. F. Horne & Company, PLLC


Business Meals are Still Deductible


business meals

Article Highlights:

  • Ban on Deducting Entertainment Expenses
  • Business Meals
  • Mixed Entertainment and Meals
  • Substantiation Requirements
  • Disallowed Employee Business Expenses

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed last December that did away with the business-related deductions for entertainment, amusement or recreation expenses, beginning in 2018. You can still…

  • 8 Nov, 2018
  • Jacqueline Cran
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Year-End Planning: Things You Need to Know




Article Highlights:

  • Major Tax Changes in 2018
  • Refund or Tax Due?
  • Underpayment of Taxes
  • Alternative Minimum Tax
  • Minimum Required Distributions
  • Convert into a Roth IRA
  • Review Portfolio for Losses
  • Make the Most of Higher Education Tax Credits
  • Optimize Health Savings Account Contributions
  • Empty Flexible Spending Accounts
  • Bunch Charitable Deductions
  • Remember the Annual Gift Tax Exemption
  • Home Equity Debt
  • Retirement Savings
  • Divorce in the Future
  • Maximize Business Expenses
  • New Flow-Through Deduction


This has been a tumultuous year for taxes, with the tax reform that passed in late 2017 generally…

  • 5 Nov, 2018
  • Jacqueline Cran
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Medical Insurance and Taxes




Article Highlights

  • Uninsured Penalty
  • Employer Plans
  • Health Reimbursement Plans
  • Self-Employed Health Insurance Deduction
  • Itemized Deductions
  • Deductible Medical Insurance

The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, just about everyone is being…

  • 29 Oct, 2018
  • Jacqueline Cran
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Will You Get a Refund or Owe for 2018?


refund or owe


Article Highlights:

  • Tax Reform
  • Form W-4
  • Withholding
  • Refund or Tax Due

As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits) exceed your tax liability, and if the pre-payment also got reduced, you could be in…

  • 22 Oct, 2018
  • Jacqueline Cran
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Are You Prepared for a Disaster?


disaster planning

Article Highlights:

  • Business Owners
  • Family and Home
  • Records
  • Disaster Scams
  • Self-help Publications
  • Government Assistance

This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a disaster, but if you are, you will sure wish you had been prepared. It can become a nightmare, whether it…

  • 27 Sep, 2018
  • Jacqueline Cran
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Is Bunching Right for You?

item or stan

Article Highlights:

  • Standard Deductions
  • Itemized Deductions
  • Bunching Strategy
  • Medical Expenses
  • Taxes
  • Charitable Contributions

Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can employ to reduce your tax…

  • 10 Sep, 2018
  • Jacqueline Cran
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Taxation of Legal Settlements or Awards


legal award


Article Highlights:

  • Physical Injury and Physical Sickness
  • Wrongful Death
  • Emotional Distress
  • Previously Deducted Medical Expenses
  • Employment Discrimination
  • Age Discrimination
  • Unpaid or Disputed Employment Earnings
  • Interest
  • Settlements
  • Legal Costs

The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws are often complex and sometimes seemingly discriminatory. The actual taxation of an award is primarily based on the following factors:

  • The nature of the legal action,
  • The…
  • 6 Sep, 2018
  • Jacqueline Cran
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So Long To The Tax Deduction For Investment Expenses




Article Highlights:


  • Itemized Deduction
  • Net Investment Income
  • Investment Interest Deduction
  • Surtax on Net Investment Income
  • Retirement Account Fees

Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer deductible. This also means IRA and other types of retirement account fees that are considered investment fees…

  • 6 Aug, 2018
  • Jacqueline Cran
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How Long Should You Hold On To Old Tax Records?


tax records (2)


Article Highlights:


  • The general statute: 3 years
  • Longer durations in some states
  • Fraud, failure to file and other issues that extend the statute’s duration
  • Keeping the actual return
  • Ordering copies of previously filed returns

This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents?

Generally, taxpayers should hold on to their tax records for at least 3 years after the due date of the return to which…

  • 2 Aug, 2018
  • Jacqueline Cran
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Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?


mortgage interest


Article Highlights:


  • Background
  • New Limit
  • Equity Debt Interest
  • Interest Tracing
  • Refinancing


The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on their tax returns.

Background: To fully understand the impact of the law changes, we need to compare the prior tax law to the…

  • 30 Jul, 2018
  • Jacqueline Cran
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