September
Showing 1–16 of 50 results
-
Safeguarding your critical documents
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 228
Abstract: Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents, and even cash, in case of a major disaster.
-
Plan ahead for Health Savings Accounts in 2024
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 378
Abstract: The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024.
-
Which business website costs are deductible?
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 507
Abstract: Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website.
-
An “innocent spouse” may be able to escape tax liability
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 547
Abstract: When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can pursue either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. But there may be relief. A brief sidebar addresses what to do about future returns.
-
Large unpaid tax bills could endanger your passport
September 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 241
Abstract: When taxpayers have seriously delinquent tax debt (SDTD), they may face more than financial consequences. That is, the IRS may revoke or limit their passports. How is SDTD defined? In 2022, an unpaid tax bill becomes an SDTD when the assessed federal tax liability exceeds $55,000, adjusted for inflation.
-
Business owners, divorce and the potential for fraud
September 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 406
Abstract: Dividing a marital estate is rarely easy. But it’s made much harder if a divorcing spouse owns a private business and attempts to deflate profits or hide assets. Divorcing spouses — or their attorneys — who suspect this type of deception should engage a forensic accountant to investigate.
-
Large cash business transactions must be reported to the IRS
September 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 483
Abstract: When businesses receive large amounts of cash or cash equivalents, they may be required to report these transactions to the IRS. Specifically, a payment of more than $10,000 cash in one or more related transactions must be reported on a specific form. Although not all large cash payments are problematic, the goal is to help thwart illegal activities by making the source of the cash traceable.
-
Offset nursing home costs with possible tax breaks
September 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 548
Abstract: Long-term care — including nursing home care — is expensive. Generally, tax issues aren’t top of mind when someone enters a nursing home. But for those who pay the bills, there may be tax breaks that help offset the cost, such as the ability to deduct expenses that exceed a certain level. This article and a sidebar provide details.
-
Safeguarding your critical documents
September 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 229
Abstract: Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents and even cash in case of a major disaster.
-
Energize tax savings with an EV credit
September 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 388
Abstract: Electric vehicles (EVs) are increasing in popularity all the time, and more of them are qualifying for a federal tax credit. For example, the IRS added three more eligible models in July. This article discusses the definition of EVs for tax purposes as well as other important points about the credit.
-
Which business website costs are deductible?
September 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 488
Abstract: Every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines and even IRS guidance to follow. This article discusses both the hardware and software costs associated with a website.
-
The current state of estate planning
September 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 571
Abstract: Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to still consider.
-
Reporting a disaster’s effects on your financial statements
September 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 254
Abstract: The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements. This brief article discusses two types of “subsequent events” that may need to be disclosed.
-
College savings showdown: 529s vs. Roth IRAs
September 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 414
Abstract: Many people assume that a 529 plan is the ideal college savings tool. But other vehicles can help parents save for college expenses — for example, the Roth IRA. This article compares key features of the two account types.
-
Review your estate plan following a major shock
September 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 485
Abstract: Generally, it’s recommended that individuals review their estate plans at year’s end. However, with a life shock as monumental as the COVID-19 pandemic, it might be a good idea to get an earlier start. This article provides examples of potential revisions and discusses wills and powers of attorney.
-
AMT less “toothy” but may still take a bite
September 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 528
Abstract: Although the Tax Cuts and Jobs Act took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption, high-income earners (and even some middle-income earners) should still watch out for its bite. This article discusses the basic rules and the role of itemized deductions. A sidebar warns investors that capital gains can trigger the AMT.