DW Hockman Financial Services, LLC

DW Hockman Financial Services, LLC D.W Hockman Financial Services, LLC is an Accounting Firm in Meridian, Idaho. https://www.dwhfs.com/ Celebrating 30 years of service!

D.W Hockman Financial Services, LLC is an Accounting Firm in Meridian, Idaho offering small to medium business accounting, bookkeeping, payroll, business, individual income tax preparation, tax planning and financial statement services. Our mission statement and goal is to “Minimize your Federal and State Taxes and Maximize your WEALTH.” We know that Taxes and Accounting can be complicated. Let our firm take care of the details for you so you have more time to devote to your business!

Educator Classroom Expense Deduction – Did You Know?Eligible K-12 teachers, instructors, counselors, principals and aide...
09/01/2026

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

08/31/2026

In recognition of Labor Day, we will be closed for the entirety of September 7, 2026. We hope you enjoy your holiday weekend!—The DWHFS team

Major Higher Education Tax Credits Now Require a Valid SSN—Did You Know? The American Opportunity Tax Credit (AOTC) and ...
08/24/2026

Major Higher Education Tax Credits Now Require a Valid SSN—Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees, and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. For the AOTC specifically, you must also include the school's Employer Identification Number (EIN) on your return. Other qualification requirements, such as income limits, remain in effect.

Note: The AOTC and LLC are federal credits — Idaho does not offer a matching state education credit, so this change affects your federal return. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse, or a dependent qualify for a tax benefit.

Have questions about education tax credits or whether your expenses qualify? You can reach DWHFS by phone at (208) 938-0701 during business hours (Monday–Friday, 9 AM – 6 PM) or by emailing [email protected].

Seasonal Employers—Did You Know?Summer is peak hiring season — and seasonal workers follow the same federal tax rules as...
08/18/2026

Seasonal Employers—Did You Know?

Summer is peak hiring season — and seasonal workers follow the same federal tax rules as regular staff. You must withhold federal income tax and F**A (Federal Insurance Contributions Act), pay the employer share of F**A, and, if subject to FUTA (Federal Unemployment Tax Act), pay federal unemployment tax.

Seasonal employers file Form 941 for quarters they pay wages, but not for quarters without wages and tax liability. Always check the "Seasonal Employer" box on every Form 941 you file. Employment taxes are deposited monthly or semiweekly based on your lookback period; you pay FUTA once it tops $500 for a quarter — all through EFTPS (Electronic Federal Tax Payment System).

Idaho note: there is no state "Seasonal Employer" exemption. If your seasonal workers earn income in Idaho, you need a withholding account and must file through the Idaho State Tax Commission TAP (Taxpayer Access Point) with an annual Form 967. Unemployment insurance is separate through the Idaho Department of Labor — the 2026 wage base is $58,300 and the new-employer rate is 1.0 percent. Report new hires within 20 days at the website in the comments.

Have questions about seasonal employees, or Form 941? Call DWHFS at (208) 938-0701 Mon–Fri, 9 AM – 6 PM, email [email protected], or visit dwhfs. com.

Expense Deduction Rules for Personal Property Used for Business—Did You Know?Are you self-employed? You can often deduct...
08/11/2026

Expense Deduction Rules for Personal Property Used for Business—Did You Know?

Are you self-employed? You can often deduct business expenses, but for property used both personally and for work, you must allocate costs based on your "percentage of business use."

For equipment, that percentage can be based on a reasonable measure like time or output. Let's say you use your computer thirty hours a week for work and twenty for personal use; that's 30/50 = 60 percent business use. Print four hundred out of five hundred in total business pages? That's 80 percent—so you could allocate 80 percent of costs like ink and paper to business.

Vehicles are different: use mileage, not time. Drive 4,500 business miles out of 15,000 total, and your business use is 30 percent. If eligible, you can instead use the standard mileage rate based on your business miles. Either way, keep records—mileage logs and usage records—to support your percentage.

Idaho conforms to federal rules on business deductions, so these allocations apply to your state return too (though Idaho does not conform to federal bonus depreciation).

Have questions about deducting business use of your property? Call DWHFS at (208) 938-0701 Mon–Fri, 9 AM–6 PM, email [email protected], or visit dwhfs. com.

New IRS Automatic Exemption from Penalty Program—Did You Know?Starting this summer , the IRS began implementing a new sy...
08/03/2026

New IRS Automatic Exemption from Penalty Program—Did You Know?

Starting this summer , the IRS began implementing a new system that will waive certain failure-to-file, failure-to-pay, and failure-to-deposit penalties for eligible taxpayers with a strong compliance history. Taxpayers must have met all filing and payment deadlines for the previous three years (or 12 consecutive quarters for quarterly filers) to qualify.

Unlike with First-Time Abatement, eligible taxpayers do not need to request relief. The IRS applies it automatically and sends a notice. For eligible returns due on or after January 1, 2027, this new Automatic Exemption from Penalty (AEP) program will replace First Time Abate; reasonable-cause relief will still be available.

Information-return penalties and accuracy-related penalties are excluded, and AEP does not reduce the tax or interest owed. Taxpayers who file their 2025 returns during 2026 may still need to request First-Time Abate relief if a qualifying penalty has already been assessed them. Idaho penalties are administered separately and are not waived under this federal program.

Do you have questions about penalty relief or an IRS notice? Call DWHFS at (208) 938-0701, email [email protected], or visit dwhfs.com. The office is open Mon–Fri, 9 AM – 6 PM.

Charitable Cash Donation Deductions — Did You Know? Beginning this year, you may deduct up to $1,000 in cash donations (...
07/27/2026

Charitable Cash Donation Deductions — Did You Know?

Beginning this year, you may deduct up to $1,000 in cash donations ($2,000 for joint filers) even if you take the standard deduction — a change from the old rule that only itemizers could deduct giving. This applies to cash gifts to public charities only; donor-advised funds and certain private foundations don't qualify.

Only donations to qualified organizations (not individuals) count. Always verify a charity using the IRS list (link in comments). Keep bank records or receipts showing the name, date, and amount, and for any gift of $250 or more, get a written acknowledgment from the charity noting the amount and the value of anything you received in return. To deduct donations of property, you must still itemize; valuable items like art or collectibles may need an appraisal. Idaho conforms to these federal rules, so they apply to your state's return too.

Questions about deducting your donations? Call DWHFS at (208) 938-0701, email [email protected], or visit dwhfs.com. Mon–Fri, 9 AM —6 PM.

Form 1099-K—Did You Know?For tax year 2025 and beyond, payment apps will only send a Form 1099-K if your payments for go...
07/20/2026

Form 1099-K—Did You Know?

For tax year 2025 and beyond, payment apps will only send a Form 1099-K if your payments for goods or services top $20,000 and 200 transactions — but you may still get one below that threshold, and all income must be reported regardless.

Check your form for non-taxable payments, such as reimbursements from friends or family, and ask the processor to correct it if they were included. Sales of personal items can still be taxable, especially if you sold something for more than you paid. Any taxable gain reported on your federal return is also subject to Idaho state tax.

Questions? Call DWHFS at (208) 938-0701, email [email protected], or visit dwhfs.com. Mon–Fri, 9 AM—6 PM.

Increased Standard Mileage Rates Starting July 2026 Due to higher fuel prices, the IRS raised the Business Mileage Rate ...
07/14/2026

Increased Standard Mileage Rates Starting July 2026

Due to higher fuel prices, the IRS raised the Business Mileage Rate to 76 cents per mile for mileage. Medical and eligible moving rates will rise to 23.5 cents per mile, while the charitable rate is fixed by law at 14 cents. The announced 2026 rates still apply before July 1. This is the IRS's first mid-year adjustment since 2022.

Note for Idaho: Since Idaho conforms to the federal tax code, the new rate also applies for Idaho income tax purposes. The State of Idaho's employee reimbursement rate is set at 72.5 cents; private employers are not required to reimburse mileage.

Questions about mileage deductions or reimbursement? Call DWHFS at (208) 938-0701, email [email protected], or visit dwhfs.com. Mon–Fri, 9 AM—6 PM.

Employer-Provided Childcare Tax Credit—Did You Know?Businesses that offer childcare benefits to employees may qualify fo...
07/06/2026

Employer-Provided Childcare Tax Credit—Did You Know?

Businesses that offer childcare benefits to employees may qualify for the Employer-Provided Childcare Tax Credit. Eligible costs may include acquiring, constructing, or improving a childcare facility, operating an on-site program, contracting with a qualified provider, or paying for childcare resource and referral services.

Beginning in 2026, the credit usually equals 40% of qualified childcare expenditures (50% for eligible small businesses) plus 10% of resource and referral expenses. The maximum annual credit is $500,000, or $600,000 for eligible small businesses. Note: This is a federal credit only — Idaho does not offer a state-level employer childcare credit.

Questions about the Employer-Provided Childcare Tax Credit? Call DWHFS at (208) 938-0701, email [email protected], or visit dwhfs .com. Mon–Fri, 9 AM—6 PM.

Address

3142 W Belltower
Meridian, ID
83646

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm

Telephone

+12089380701

Website

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