August
Showing 33–48 of 50 results
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Tips for deducting losses from a disaster
August 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 335
Abstract: Damage to one’s home or personal property may be deductible on the federal income tax return. This article offers some things to know about deducting casualty losses.
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The many benefits of a Health Savings Account (HSA)
August 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 474
Abstract: A Health Savings Account represents an opportunity for eligible individuals to lower their out-of-pocket health care costs and federal tax bill. This article describes how an HSA works, who is eligible, and how it compares with a Flexible Spending Account.
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The importance of updating beneficiary designations
August 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 465
Abstract: This article looks at a Supreme Court case involving a beneficiary designation. When a man divorced his wife, she waived her rights to benefits under his employer-sponsored retirement plans. However, he never got around to changing his beneficiary designation form with his employer. Accordingly, after his death, the money went to her instead of his estate, in spite of the divorce decree.
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Selecting the appropriate entity for your business
August 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 355
Abstract: A principal consideration for any business, whether new or existing, is choosing an appropriate legal entity. This article looks at the variety of options available, each with its various advantages and disadvantages. A variety of issues should be considered, for each entity selection situation is unique.
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Double duty giving with charitable gift annuities
August 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 306
Abstract: A charitable gift annuity can combine the benefits of an immediate income tax deduction and a lifetime income stream. Also, this article notes that one’s future taxable estate will be reduced for the remainder value of the property transferred to the charity.
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What you need to know about required health insurance coverage for 2014
August 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 306
Abstract: Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act (ACA) requires Americans to have qualifying health insurance (called minimum essential coverage), have an exemption, or pay a shared responsibility penalty with their 2014 individual income tax return, Form 1040. This article defines “minimum essential coverage” and discusses exemptions and penalties.
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Social Security statements available online
August 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 81
Abstract: This article explains how to create an account on the Social Security website in order to see a statement that estimates one’s benefits and provides other useful information.
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Keep your records safe in case disaster strikes
August 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 234
Abstract: Major events like hurricanes, tornadoes and fires can strike at any time. But a person can help make recovery easier by keeping their tax and financial records safe. This article looks at three basic steps the IRS suggests to prepare for a disaster.
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Dividing IRAs tax-free in divorce
August 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 496
Abstract: Generally, transfers of property, including cash, between divorcing spouses are considered tax-free gifts between the spouses. However, this rule does not apply to transfers of balances in IRAs. If an IRA owner withdraws funds from his or her IRA and gives it to his or her spouse, the withdrawal is taxable to the IRA owner and tax-free to the receiving spouse. Fortunately, there is an important exception to this rule — transferring an individual’s interest in an IRA to a spouse or former spouse pursuant to a divorce decree or separate maintenance agreement is not taxable to either spouse. This article offers an example of how it works.
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Corporate annual meetings are important
August 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 621
Abstract: Although most people view the requirement of an annual Board of Directors meeting as a necessary evil, it doesn’t have to be a waste of time. For example, in addition to being a first step in making sure the corporation is respected as a separate legal entity, an annual meeting can be used as an important tool to support a company’s tax positions. As this article explains, a well-drafted set of minutes outlining the officers’ responsibilities, skills, and experience levels can significantly reduce the risk of an IRS challenge, while providing documentation to support loans and other actions the Board may have taken.
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2015 HSA amounts
August 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 273
Abstract: This article explains the benefits of a Health Savings Account (HSA) and how this vehicle differs from a Flexible Spending Account. It also lists the 2015 contribution limits for an HSA.
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2014 HSA amounts
August 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 279
Abstract: Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies who do not have access to health insurance. This article discusses the tax benefits of HSAs, which are quite substantial.
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Employing a business owner’s children
August 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 695
Abstract: One unique aspect of owning a business is the ability to hire one’s children. Whether doing so makes sense is more than a business decision. For the children, the answer depends a great deal on one’s intentions for passing the business to future generations, the child’s interest and aptitude, and feelings about how much a parent should “help” a child and how much they should “make it on their own.” However, some real benefits are available when employing children. This article discusses the tax benefits available, as well the opportunity to invest long-term on the children’s behalf.
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The Affordable Care Act
August 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 992
Abstract: The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (together, the Affordable Care Act), was landmark legislation that dramatically affects how health care is delivered in the United States. Provisions of the legislation affect not only those directly involved in providing health care, but also most individuals and employers. This article explains provisions of the Act as it affects individuals and employers. It also discusses available subsidies, as well as an upcoming excise tax on so-called “Cadillac” plans.
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Age-55 qualified retirement plan exception
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 379
Abstract: The taxable portion of a pre–age-59½ withdrawal taken from a qualified retirement plan or traditional IRA can be hit with a 10% early withdrawal penalty unless one of several exceptions applies. However, the list of exceptions is not identical for qualified plans and IRAs. This article looks at one case in which a taxpayer was hit with the 10% early withdrawal penalty when he rolled over his retirement plan money into an IRA and then took an early withdrawal. The U.S. Supreme Court disagreed with his contention that this shouldn’t have happened because the differing lists of penalty exceptions for qualified plans and IRAs were “illogical.”
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New tax rule for local lodging expenses
August 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 576
Abstract: The IRS recently issued long-awaited regulations that permit certain not-away-from-home lodging expenses to be deducted by workers if they are not reimbursed by their employer. Alternatively, if paid for by the employer, the expense can be treated as a tax-free working condition fringe benefit (WCFB) or tax-free accountable-plan reimbursement. This article looks into the details.