Job Opening at Wm. F. Horne & Co., PLLC

Wm. F. Horne & Co., PLLC, a growing accounting firm in South Mississippi, is looking for an experienced marketing and administrative coordinator.  Responsibilities include firm wide marketing efforts, social media management, advertising, firm development, and additional administrative duties. Bachelor's in marketing or a related degree required. Competitive pay and benefits offered. Interested parties to submit their resume to info@wfhorne-co.com or mail to Office Manager, PO Box 768, Laurel, MS 39441...

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How Long are You on the Hook for a Tax Assessment?

A frequent question from taxpayers is "how long does the IRS have to question and assess additional tax on my tax returns?" For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications: You file before the April due date – If you file before the April due date, the three-year statute of limitations still begins on the April due date. So filing...

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Is It a Business or a Hobby?

The distinction between a business activity and a hobby is not a black-and-white issue but instead comes in various shades of gray, which makes it a frequent topic in tax court. What is at stake? - At issue with the business or hobby determination is the treatment of the activity’s expenses. A for-profit business is able to deduct all of its business expenses even if the net result is a loss, whereas a not-for-profit activity (hobby) can only deduct the expenses related to that activity to the extent there is income from that activity. In other...

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Do You Owe the IRS Money?

While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: 1. Get a Loan to Pay the Balance – If you owe the IRS and don’t pay on time, they will assess interest and penalties. If you work out an installment payment agreement with the IRS, they will also charge you a user fee for setting up the agreement. The least expensive way to deal with the liability may be to...

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Don't Overlook the Small Employer Health Insurance Credit

If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit. This credit is one of the first health care reform provision to take effect as a result of the Health Care Act that was enacted in 2010. The credit reduces a small employer’s tax liability and is claimed on the employer’s income tax return; for eligible tax-exempt employers, the credit reduces the organization’s payroll taxes. Eligible small employers – Eligible small employers may receive the credit...

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Sales Tax on Home Sales Rumor

A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013. Like most rumors, it has been initiated by someone who doesn’t have all the facts – in this case, someone who does not understand taxes. Unfortunately, the misinformation has been perpetuated through our modern means of communication. It is true that some part of an individual’s home sale gain might be subject to an additional tax of 3.8%. But it is not a sales tax on the gross proceeds of the sale. It is actually a new surtax...

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Back to School Tips for College Students and Parents

Whether you’re a recent high school graduate going to college for the first time or a returning college student, it will soon be time to get to campus—and payment deadlines for tuition and other fees are not far behind. Students or parents paying such expenses should keep receipts and be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse, or a dependent you claim as an exemption on your tax return. American Opportunity Credit - This credit has been extended for an additional two years:...

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