February
Showing 1–16 of 57 results
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There may still be time to lower your 2023 tax bill
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 278
Abstract: Taxpayers preparing to file tax returns for 2023 may still have an opportunity to lower their tax bills. Those who are eligible can make tax-deductible contributions to traditional IRAs right up until this year’s April 15 tax-filing deadline, and benefit from the tax savings on their 2023 returns.
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Tracking down donation substantiation
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 407
Abstract: To support a charitable deduction, taxpayers need to comply with IRS substantiation requirements. But what if the taxpayer never receives a letter from the charity substantiating a donation? This article explains the rules.
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How to secure a tax benefit with the QBI deduction
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 481
Abstract: The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI deduction works and explains that it’s only available for a limited time, unless Congress takes further legislative action.
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Traveling for business in 2024? What’s deductible?
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 616
Abstract: For employers and their employees traveling for business this year, there are a number of considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply if the business conducted reasonably requires an overnight stay.
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Throwing snowballs at a mountain of debt
February 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 256
Abstract: It’s common for many people to start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance and knocking them down one by one.
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Moving out of state? Learn all the tax implications first
February 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 404
Abstract: Many people might think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state ahead of time and recommends learning what the legal requirements are for establishing domicile.
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Qualifying for the home office deduction
February 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 477
Abstract: Working from home has become the norm for many people in recent years. Now they might be wondering if they can claim the home office deduction for 2022. The short answer is: Only those who are self-employed can claim it. This article delves deeper into the rules involved.
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Protect your business with meticulous records
February 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 563
Abstract: Running a business requires that strong, supportable records be kept. Every expense that appears on a tax return might have to be defended if the IRS decides to audit the return. And failing to operate in a businesslike manner and keep good records might lead the IRS to deem the activity a hobby rather than a business. This means expenses may be limited or disallowed. This article and a sidebar illustrate how the IRS (and sometimes the courts) view business records, what they’re looking for and what’s considered acceptable substantiation.
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Businesses can still deduct 100% of restaurant meals
February 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 249
Abstract: Business owners should remember that the 50% deduction limit for certain meals remains suspended in 2022. That means companies can deduct 100% of the cost of business-related, restaurant-provided meals. This brief article has the details.
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Could you have to pay a parent’s nursing home costs?
February 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 380
Abstract: People with aging parents may worry about whether they could be held financially responsible for their parents’ nursing home bills if the parents can’t afford to pay them. This article explores filial responsibility laws, which are rarely enforced, and Medicaid’s estate recovery process.
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3 financial lessons of the pandemic
February 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 478
Abstract: COVID-19’s rapid spread and the economic havoc that followed are vivid reminders of how unpredictable and volatile the broad economy — and each family’s personal finances — can be. This article discusses three financial lessons that may be learned from the pandemic.
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Get more worms by filing your taxes early
February 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 563
Abstract: They say the early bird gets the worm. Early federal income tax filers may get a couple worms. This article discusses two benefits to filing early. A sidebar addresses the idea of not filing a 2021 tax return until one’s delayed 2020 tax refund is issued.
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What’s your financial personality?
February 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 244
Abstract: Everyone’s personal financial plan doesn’t have to be complex, but it does generally need to cover two major facets: paying down debt and saving money. This brief article discusses the importance of identifying one’s financial personality and using that as a guide to creating a solid plan.
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Consider taxes before moving out of state
February 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 397
Abstract: Many people might think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile.
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Claiming the home office deduction
February 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 468
Abstract: Many people have found themselves working from home during the COVID-19 pandemic and wondering, “Can I claim the home office deduction for 2020?” The short answer is: Only if you’re self-employed. This article delves deeper into the other rules involved.
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Why the child tax credit is so valuable
February 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 560
Abstract: The federal child tax credit is available to help many taxpayers with children under the age of 17, and there’s a dependent credit for those who are eligible with older children. This article explores the details. A sidebar explains that a qualifying child must have an SSN for parents to claim the tax credit.