April
Showing 49–64 of 66 results
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Roth IRAs for kids
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 624
Abstract: For those who have a child who works, it’s worth encouraging him or her to use some of the earnings for Roth IRA contributions. This article offers examples of how even modest contributions can grow to large amounts, and explains why a Roth IRA is generally preferable to a traditional IRA for those in this age group.
-
IRS reopens Offshore Voluntary Disclosure Program
April 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 71
Abstract: This one-paragraph article notes that the IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) to help taxpayers hiding offshore accounts get current with their taxes.