Blog | WM. F. Horne & Company, PLLC

17Dec2018

Wonder What a Tax Deduction is Worth?

 

wonder deduction

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…

  • 17 Dec, 2018
  • Jacqueline Cran
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13Dec2018

When to Claim a Disaster Loss

disaster

 

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…

  • 13 Dec, 2018
  • Jacqueline Cran
  • 0 Comments
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10Dec2018

If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know

 

gambler

 

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…

  • 10 Dec, 2018
  • Jacqueline Cran
  • 0 Comments
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29Nov2018

December 2018 Tax Due Dates

 

december (1)

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…

  • 29 Nov, 2018
  • Jacqueline Cran
  • 0 Comments
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27Nov2018

Legitimate Tax-Deductible Charity or Scam

 

charity or scam

 

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…

  • 27 Nov, 2018
  • Jacqueline Cran
  • 0 Comments
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08Nov2018

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
  • 0 Comments
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05Nov2018

Year-End Planning: Things You Need to Know

 

taxplanning

 

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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29Oct2018

Medical Insurance and Taxes

 

HealthInsurance

 

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
  • 0 Comments
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22Oct2018

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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27Sep2018

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
  • 0 Comments
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