April

Showing 33–48 of 52 results

  • Special rules for inherited IRAs

    April 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 190

    Abstract: Normally, retirement plan distributions made to a nonspouse beneficiary after the account owner’s death are taxable at the time they are received and cannot be rolled over to the beneficiary’s own IRA. However, employer-sponsored retirement plans are required to offer nonspouse beneficiaries the option to roll over inherited amounts tax-free in a direct rollover to an inherited IRA. This article lists the special rules that apply to an inherited IRA.

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  • SEPs — One last chance to lower your 2014 tax bill

    April 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 605

    Abstract: Simplified Employee Pension (SEP) plans are available to self-employed individuals, partnerships (including multimember LLCs treated as partnerships), and corporate employers alike. Unlike other types of retirement plans, a newly formed SEP is easy to establish and a powerful retroactive tax planning tool. This article discusses how a SEP works and the requirements involved in forming one.

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  • Contemporaneous recordkeeping key to avoiding loss limitations

    April 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 441

    Abstract: Taxpayers who run up tax losses in a business must be prepared to prove that one of the material participation tests was passed to avoid having the losses characterized as a passive activity loss (PAL) that cannot be currently deducted. In general, an individual taxpayer can meet the material participation standard by passing one of seven tests outlined in the regulations and described in this article.

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  • Avoid gift treatment by paying expenses directly

    April 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 248

    Abstract: It may seem easy to give money to relatives for educational or medical purposes, but doing so can result in a tax hit. This article explains why it’s important to make any payment directly to the organization or service provider.

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  • Monitoring Section 530 eligibility

    April 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 349

    Abstract: As the IRS continues to focus on worker classification, it has become increasingly important that eligible businesses take precautionary steps to ensure compliance with Section 530 to avoid a costly reclassification. Section 530 of the Revenue Act of 1978 allows the business to treat a worker as an independent contractor (i.e., as not being an employee) for employment tax purposes regardless of the worker’s status under the common law control rules. But, as this article explains, certain requirements must be met, and failure to comply can result in significant penalties.

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  • College financial aid basics

    April 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 630

    Abstract: After children have submitted their financial aid applications and started receiving award letters from various colleges, it may be difficult to interpret and compare their offers. This article provides information that should be helpful in this regard. It discusses the different types of aid available, including several different kinds of federal student aid. It also looks at options the student has when receiving an offer of aid.

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  • Tax calendar

    April 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 101

    Abstract: This article notes two upcoming deadlines for filing quarterly estimated tax payments and other tax forms and/or savings plan contributions.

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  • Double benefit from a tax deduction

    April 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 455

    Abstract: For most taxpayers, the amount of federal income tax they pay depends on where they fall in the federal income tax brackets and the breakdown of their taxable income between ordinary (e.g., wages) and capital gains from the sale of assets (e.g., common stock). As federal taxable income decreases, the rate of tax on at least a portion of that income also decreases. In addition, if a taxpayer has a long-term capital gain that, after considering ordinary income, is partially taxed at the 0% rate, any additional deduction that decreases ordinary income will simultaneously decrease the tax rate on a comparable amount of long-term capital gain to 0%. This has the effect of producing a double benefit for that deduction. This article offers an example.

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  • Tax implications of investor or trader status

    April 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 432

    Abstract: Most taxpayers who trade stocks are classified as investors for tax purposes. This means any net gains are going to be treated as capital gains vs. ordinary income. Taxwise, that’s good — up to a point. But traders have it better. However, trading must be “substantial” to successfully meet the test for trader status. This article explains how that’s defined.

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  • New simplified home office deduction

    April 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 251

    Abstract: Beginning in 2013, a simplified option is available that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. This article discusses which requirements have been relaxed and which are still in effect.

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  • Residency issues for retirees

    April 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 572

    Abstract: With 10,000 baby boomers turning 65 each day, some may decide to move to another state for a variety of reasons. If the retiree’s move is intended to be permanent, it is important that legal domicile be established in the new state. If not, the retiree may be subject to income tax as a resident of both the old and new states, and both states may claim jurisdiction over the retiree’s estate. This article lists the steps that tend to establish domicile in a new state.

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  • 2013 gift tax exclusion

    April 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 151

    Abstract: This brief article notes an increase in the annual gift tax exclusion to $14,000, but also mentions that certain payments are not subject to the gift tax and, therefore, are not included in the $14,000 limit.

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  • Excluding gain on qualified small business stock

    April 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 155

    Abstract: A beneficial tax provision to exclude 100% of the gain from the sale of qualified small business stock (QSBS) was extended for two years by the American Taxpayer Relief Act of 2012. This brief article notes that status as a qualified small business corporation is an opportunity to save taxes, but only if the fairly restrictive qualification requirements can be met.

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  • Tax calendar

    April 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 227

    Abstract: This article looks at three tax deadlines for the first half of 2013.

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  • Impact of higher individual federal tax rates

    April 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 408

    Abstract: Media outlets have focused a great deal of attention on the topic of increased individual federal tax rates. Most wage earners have seen their take-home pay shrink due to higher payroll taxes, but high-income taxpayers are really feeling the pain of higher tax rates in addition to new taxes. This article discusses tax rates under the Patient Protection and Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012.

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  • Tax ramifications of owning a second home

    April 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 438

    Abstract: Regardless of whether one uses a second home for personal or for investment purposes, planning for its tax implications will enable ownership of the property in the most tax-efficient way possible — or, if the purchase is somewhat tax driven, maximization of the allowable deductions the property generates. A second home can fall into one of three categories for tax purposes, depending on how it is used: personal residence, vacation home, or rental property. This article discusses the tax ramifications of each.

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