November
Showing 33–48 of 50 results
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Job search expenses may be deductible
November 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 303
Abstract: Those who are looking for a new job may incur some expenses along the way that may be deductible. This article describes some of them.
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Tips on the tax effects of divorce or separation
November 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 292
Abstract: Income tax may be the last thing on one’s mind after a divorce or separation. However, these events can have a big impact on taxes. This article offers some key tax tips to keep in mind in the event of divorce or separation.
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Tax advantages of small business stock
November 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 337
Abstract: A taxpayer who realizes large capital losses — but no capital gains — on sales of corporate stock owned personally will find that the tax benefit from the capital losses may have to be spread over many years in the future. However, Section 1244 is a tax provision that allows one to treat losses incurred from the sale of qualified corporate stock as an ordinary (rather than capital) loss. That’s beneficial because an ordinary loss offsets ordinary income. This article explains Section 1244 stock and what a stock must do to qualify.
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How working impacts Social Security benefits
November 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 229
Abstract: A variety of considerations enter into the decision regarding when it’s best to begin collecting Social Security benefits. This article examines one such consideration: the amount that benefits will be reduced if one is still working yet starts to collect before their Social Security–designated full retirement age.
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Sorting out Employer Shared Responsibility provisions that apply to your business
November 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 337
Abstract: The Affordable Care Act contains specific responsibilities for employers, but the size and structure of their workforce — small, large, or part of a group — help determine what applies. This article discusses some of the obligations that different employers face — particularly those who are considered an Applicable Large Employer (ALE).
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Why your health insurance company may ask for your Social Security Number
November 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 476
Abstract: Health insurance companies may request that their policyholders provide their Social Security Number, their spouse’s number, and those of children covered by the policy. This article explains that the companies must report this information to the IRS, which needs it to verify information on one’s individual income tax return. The article also describes how policyholders should respond to their company’s request so as to avoid liability for the Affordable Care Act’s individual shared responsibility payment.
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Taking advantage of Flexible Spending Accounts (FSAs)
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 315
Abstract: An employee wishing to take advantage of an employer’s health care and/or dependent care FSA must specify, before year end, how much of his or her 2015 salary to convert into tax-free contributions to the plan. It’s then possible to take tax-free withdrawals next year as reimbursement for out-of-pocket medical and dental expenses and qualifying dependent care costs. But FSAs are “use-it-or-lose-it” accounts, so it’s important for employees to not set aside more than what they’ll likely have in qualifying expenses for the year. This article offers an example of how a couple with a high income and a low one can allocate their funds to an FSA in the most tax-efficient manner.
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Write off damaged or obsolete inventory items
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 147
Abstract: Regardless of the valuation method used, the end-of-the-year inventory should be reviewed to detect obsolete or damaged items. This brief article discusses the procedure for writing down the carrying cost of any such items to their probable selling price (net of selling expenses).
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The tax benefits of selling rather than trading in business vehicles
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 210
Abstract: Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in a business, it’s not unusual for its tax basis to be higher than its value. This article explains how that can affect tax deductions.
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Does your business need a buy/sell agreement?
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 285
Abstract: It is important that businesses with more than one owner have a written buy/sell agreement specifying what happens when an owner withdraws from the business. A buy/sell agreement is a contract between the owners (or the owners and the business entity itself) that establishes rules and restrictions applicable to changes in ownership. Not only can it avoid conflicts at a fragile time, but it can also offer estate planning benefits by establishing a value for the business prior to an owner’s death. This article notes three common methods for determining the purchase price under a buy/sell agreement.
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Eight tips for deducting charitable contributions
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 370
Abstract: Giving to charity can be a “win-win” situation. It’s good for both the charity and the donor. This article lists eight things to know about deducting contributions to charity, including what qualifies for a deduction and the documentation that might be required.
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Individual year end tax planning ideas
November 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 652
Abstract: As year end approaches, it’s again time to focus on last-minute moves to save taxes — both on the 2014 return and in future years. This article offers four methods: maximizing the benefit of the standard deduction, deferring income, securing a deduction for nearly worthless securities, and investing in tax-free securities
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New tax rules for legally married same-sex couples
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 229
Abstract: The U.S. Department of the Treasury and the IRS recently ruled that same-sex couples, legally married in a jurisdiction that recognizes their marriages, will be treated as married for federal tax purposes. This ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not. This brief article notes some caveats and addresses tax filing for 2013 or earlier.
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IRS Affordable Care Act website
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 84
Abstract: This one-paragraph article notes that the IRS has a new website that provides information on the Affordable Care Act.
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Using an S corporation to hold stock in other corporations
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 432
Abstract: In choosing an entity for a business, there are opportunities to use an S corporation to hold stock in other corporations, but not the stock of other S corporations. If any corporation acquires the S corporation’s stock, that S corporation becomes a C corporation, which is generally detrimental. The truth is that taxpayers with S corporations have a great deal of flexibility in structuring their corporate holdings. This flexibility allows an S corporation to hold C corporation subsidiaries and qualified Subchapter S subsidiaries, as this article explains.
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Deciding when to start receiving Social Security benefits
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 980
Abstract: As one approaches retirement age, it’s necessary to decide whether to begin taking reduced Social Security benefits early or wait until the full benefit retirement age (FBRA), or even later. This article lists those factors that may favor receiving the benefits early vs. those that may indicate it’s better to wait until the FBRA or even later.