McCullough & Associates Blog


Nov 13, 2013

Tax Tips for Individuals Selling Their Home

If you’re selling your main home this year, here are some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.

Here are 9 tips to keep in mind when selling your home.

1. If you sell your home at a gain, you may be able to exclude part or all of the profit from your income. This rule generally applies if you’ve owned…

Nov 06, 2013

Simplified Option for Home Office Deduction

Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home.

This simplified option does not change the rules for who may claim a home office deduction. It merely simplifies the calculation and recordkeeping requirements.…

Oct 30, 2013

Protecting Yourself While Shopping Online

Whether you shop online routinely or infrequently, the risk of identity theft rises as you offer more and more information about yourself online. With holiday shopping just around the corner here are some helpful tips to protect yourself while shopping online.

Don’t use a debit card, and use only one credit card. If your debit card gets hacked, the thieves may be able to…

Oct 23, 2013

Six Tips on Gambling Income and Loses

Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. Here are six tax tips for the casual gambler.

1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as cars and trips.

2. If you win, you may receive a Form W-2G from the payer.…

Oct 16, 2013

Cash Flow Management

You’ve probably heard the saying that “cash is king,” and whether you own a business or not, it is a truth that applies. Most discussions of business and personal “financial planning” involve tomorrow’s goals, but those goals may not be realized without attention to cash flow today. 

Management of available cash flow is a key in any kind of financial planning. Ignore it,…

Oct 09, 2013

Special Tax Benefits for Armed Forces Personnel

If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. There are also a couple benefits for those in the ROTC…

Oct 02, 2013

How and When to Sign Up for Medicare

Medicare enrollment is automatic for some of us. If you are age 65 and eligible to receive Social Security benefits (or married to someone eligible to receive them), then you are also automatically eligible for Medicare Part A (free hospital insurance) and Medicare Part B (medical insurance for which you pay premiums), a.k.a. “original Medicare”.1

If this is the…

Sep 26, 2013

Employer Notice to Employees Regarding Health Insurance Marketplace

Beginning January 1, 2014, the Affordable Care Act (ACA) requires states to establish an exchange ("Marketplace") through which insurance carriers will offer insurance coverage to individuals.  Missouri residents will rely on a federally based exchange. In January of 2013, the DOL issued guidance indicating that information on the Marketplace notice requirement would be delayed until late summer…

Sep 18, 2013

Miracle Jeans Day to Support Children's Miracle Network

Miracle Jeans Day at McCullough and Associates!  Thank you to the Children's Miracle Network of CoxHealth for letting us particpate in this special day to help support the medical needs of our local children! 

Miracle Jeans Day Group Photo

Sep 12, 2013

Missouri Small Business Deduction for New Jobs

Established in 2011 by Missouri House Bill 45, the Small Business Deduction for New Jobs (SBDNJ) provides a deduction from income tax for new jobs created in Missouri for certain qualifying small businesses.  When original legislation was passed, the language in that bill limited the tax opportunity to corporations and sole proprietors.  It did not apply to partnerships or S corporations or pass…