May

Showing 33–48 of 48 results

  • Tips on handling a will

    May 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 204

    Abstract: This article offers a list of things to consider regarding wills, including consulting an attorney, storing the will in a safe place, and including provisions for alternate dispositions of property.

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  • Deducting business bad debts

    May 2015
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 477

    Abstract: If debt collection is a problem for a business, deducting uncollectible (bad) debts from its tax bill may somewhat lessen the sting of simply writing the debt off its books. This article discusses what constitutes bona fide debt and describes two types of bad debt deductions: business and nonbusiness.

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  • Taxing Social Security benefits

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 299

    Abstract: Some taxpayers must include up to 85% of their Social Security benefits in taxable income, while others find that their benefits are not taxable at all. Those who receive income from other sources may have to pay taxes on at least a portion of their Social Security benefits. Income and filing status will also affect whether these benefits are taxable. This article offers a quick way to find out if one’s benefits may be taxable and how to avoid tax time surprises by voluntarily requesting that federal income tax be withheld from benefit payments.

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  • Dirty Dozen tax scams for 2014

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 81

    Abstract: This article notes that the IRS has released its latest annual list of the “Dirty Dozen,” the twelve most common scams that taxpayers encounter. Topping the list in 2014 is tax fraud using identity theft.

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  • Avoiding penalties on IRA withdrawals before age 59½

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 434

    Abstract: IRA owners can withdraw money from their account at any time and for any reason because the owner is in total control of this account. But most withdrawals from traditional IRAs will be at least partially taxable, and the taxable portion of a withdrawal made before age 59½ will be subject to a 10% penalty tax (or as high as 25% on early withdrawals from a SIMPLE IRA). There can even be a 10% penalty tax assessed on a nontaxable portion of some early withdrawals from Roth IRAs. However, this article notes that there are some ways to avoid the penalty tax.

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  • Taxable tip income

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 175

    Abstract: Tips received on the job from customers must be included in the computation of one’s tax liability, if any. This article explains the different kinds of tips that are taxable and what tips must be reported to one’s employer.

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  • Don’t be a charity scam victim

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 160

    Abstract: When a natural disaster strikes, thieves often play on the goodwill of people by posing as representatives of real charities to steal money or get information to commit identity theft. This article describes how bogus charities use several different tactics to get money and information from unsuspecting individuals.

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  • Taxing a child’s investment income

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 271

    Abstract: Some children who receive investment income are required to file a tax return and pay tax on at least a portion of that income (and possibly at the parents’ marginal tax rate). This is often referred to as the kiddie tax. But it cannot be computed accurately until the parents’ income is known. This article discusses tax rules that affect how parents report a child’s investment income.

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  • Leasing property to a closely held corporation

    May 2014
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 407

    Abstract: Shareholders of closely held C corporations routinely lease real estate, equipment, and other property to their corporate entity. These leases can be held directly by the shareholder or through a separate entity, such as a partnership, LLC, or S corporation. Of course, the corporation could directly purchase the item or lease it from an independent source. But this article describes several advantages that can motivate these leasing arrangements.

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  • Nonspouse IRA beneficiaries

    May 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 466

    Abstract: It is increasingly common for individuals to become entitled to some or all of the balance in a deceased account owner’s traditional IRA or Roth IRA by virtue of being designated as an account beneficiary. But, if the beneficiary is not the deceased’s spouse, it is not possible for them to receive their share of the inherited IRA balance and then roll it over tax-free into their own IRA before the familiar 60-day deadline for rollovers has passed. But this article explains that there are ways to finesse the “no-rollover-allowed rule” so as to take control of a share of an inherited IRA without adverse tax consequences.

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  • Qualified plan distributions exempt from the NIIT

    May 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 481

    Abstract: Beginning in 2013, a new 3.8% net investment income tax (NIIT) applies to the net investment income of high-income taxpayers. This article explains the income thresholds, the types of income subject to the tax, and retirement plan distributions that are not subject to the NIIT.

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  • Increased Medicare payroll tax

    May 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 379

    Abstract: The Medicare payroll tax is the primary source of financing for Medicare, which generally pays medical bills for individuals who are 65 or older or disabled. Wages paid through Dec. 31, 2012, were subject to a 2.9% Medicare payroll tax. Workers and employers pay 1.45% each. Beginning in 2013, individuals who have wage and/or self-employment income exceeding certain thresholds are subject to an additional 0.9% Medicare tax (that is, 2.35% total) on their earned income exceeding the applicable threshold. This article discusses the tax as it affects different categories of filers.

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  • Tax breaks for families and students

    May 2013
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 316

    Abstract: Recent legislation made permanent or extended several tax breaks for families. In addition, several education breaks were made permanent or extended. This article describes a number of them.

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  • Reporting barter transactions

    May 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 397

    Abstract: Bartering is one of the most ancient forms of commerce and involves the trading of a service or product for another. Typically, no cash is exchanged in the transaction, and business owners can save cash by bartering to get the products and services they need. In any case, the fair market value of the goods and services exchanged must be reported as taxable income by both parties. This article looks at the procedures involved, whether the transaction takes place informally or through a barter exchange company.

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  • Excluding a residence sale gain following divorce

    May 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 738

    Abstract: A residence is often a married couple’s most significant asset. As a result, monetary and tax considerations for property settlements related to the marital residence are usually extremely important to divorcing taxpayers. In dividing up the marital estate, the marital residence is usually disposed of in one of three ways: The residence is sold as part of the divorce proceedings; ownership is transferred incident to the divorce; or there is a delayed sale of the residence. This article offers examples of how each arrangement works.

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  • IRS’s information on exempt charitable organizations

    May 2012
    Newsletter: Tax & Business Alert

    Price: $225.00, Subscriber Price: $157.50

    Word count: 119

    Abstract: The IRS recently launched a new online search tool entitled “Exempt Organizations Select Check.” This article explains how the tool can be used to seek information on exempt charitable organizations.

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