February

Showing 33–45 of 45 results

  • Making your hobby a business

    February 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 439

    Abstract: Taxpayers often invest a great deal of time and money in their hobby, and some eventually make it a full- or part-time business activity. It’s not a problem as long as the new business turns a profit. And it may be fine as well if the business produces a loss and the taxpayer enjoys the activity — even better if the loss can offset other income. However, if the business consistently generates losses, the IRS could determine that these losses are actually nondeductible hobby losses. This article discusses two ways to avoid the hobby loss rules.

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  • Coverdell Education Savings Accounts

    February 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 189

    Abstract: The Coverdell Education Savings Account (ESA) was created as an incentive to help parents and students save for education expenses. This article looks at its benefits and limitations.

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  • Converting a residence to rental property

    February 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 353

    Abstract: Recovering real estate values may cause some homeowners to consider converting their personal residence to rental property for investment purposes. But this decision is complex, and its ramifications are far-reaching. This article examines the economic factors that need to be considered.

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  • Benefits of using a family LLC

    February 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 618

    Abstract: For those who are interested in gradually transferring partial ownership of their assets to their children, a good method might be to transfer the assets to a family limited liability company (LLC) and subsequently gift membership interests in it to the children. With that in mind, this article provides some information about using a family LLC to transfer ownership of assets.

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  • Tax rules for gamblers

    February 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 393

    Abstract: Whether the economy is expanding or contracting, gambling remains a popular pastime. For casual gamblers, winnings are fully taxable and must be reported on one’s tax return. It’s also possible to deduct gambling losses, but only up to the extent of winnings. But the rules for professional gamblers are more complex, as this article explains.

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  • Patron’s gifts and athletic tickets

    February 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 203

    Abstract: Subject to Congress changing the law, the cost of tickets to a charitable event is eligible for a contribution deduction to the extent the purchase price exceeds the fair market value of admission and privileges associated with the event. But there are some caveats, as this brief article explains.

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  • Standard mileage rates for 2013

    February 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 158

    Abstract: This brief article provides an update on 2013 standard mileage rates, but notes that there are circumstances in which taxpayers must instead calculate their actual costs.

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  • Social Security and Medicare update

    February 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 391

    Abstract: This article discusses the annual inflation adjustments that have been made for the various Social Security amounts and thresholds for 2013. It includes discussion of the 0.9% Medicare surtax (new for 2013), along with Social Security tax and benefit amounts.

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  • Selecting a C corporation’s tax year

    February 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 513

    Abstract: Businesses that operate as C corporations have substantial flexibility when selecting a tax year. However, businesses that operate as partnerships or S corporations are restricted by law in their choice of a tax year. Once selected, a tax year generally must be maintained until the business is required or elects (with IRS permission, if necessary) to change it. This article discusses the two types of tax years and the considerations involved in choosing one.

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  • Taxable or nontaxable income?

    February 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 476

    Abstract: Most of the income people receive is taxable, but certain types of income are only partially taxed or not taxed at all. This article lists some of the more common types of income that individuals receive and an indication of how they are treated for federal income tax purposes.

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  • The Unearned Income Medicare Contribution

    February 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 124

    Abstract: This article briefly discusses the Unearned Income Medicare Contribution (UIMC) surtax on net investment income, to take effect in 2013.

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  • Capital gains and losses

    February 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 289

    Abstract: Technically, almost everything owned and used for personal, pleasure or investment purposes is a capital asset. Capital assets include, but are not limited to, homes, household furnishings, stocks, bonds and mutual funds. When a capital asset is sold, the difference between the amount paid (one’s basis) and the amount it’s sold for is generally a capital gain or loss. This article offers some important facts about capital gains and losses.

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  • Head of household filing status

    February 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 298

    Abstract: Failure to use head of household (HOH) filing status is a common tax filing mistake. HOH status is preferable to single or married filing separately status because the tax rate brackets are more favorable (except for the 35% single bracket) and the standard deduction is larger. This article lists the requirements for HOH status.

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