Focus
Showing 321–336 of 393 results
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What’s the right income tax withholding for you?
August / September 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 496
Abstract: Each year, nearly three out of four taxpayers claim an income tax refund. To be sure, receiving a check from the IRS is nice. On the other hand, giving the government an interest-free loan for close to a year isn’t the best use of one’s money. This is why it pays to periodically review one’s withholding amounts. This article covers several reasons to modify these amounts and discusses how taxpayers can determine whether they should increase or decrease their allowances, and by how much.
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Sibling vs. sibling – Managed effectively, sibling rivalry can benefit a family business
August / September 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 652
Abstract: Sibling rivalry can bring out the best in children, but if it goes too far, it can become detrimental as they play an increasing role in the family business. This article looks at the factors that cause sibling rivalry and some specific steps family business owners can take to manage the rivalry effectively and allow it to become the family business’ secret weapon.
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4 steps to fight back against identity theft
August / September 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 527
Abstract: There’s no way to completely eliminate the risk of identity theft. And as people increasingly use the Internet to pay bills, trade stocks and access their bank accounts, the risk rises exponentially. This article summarizes the Federal Trade Commission’s four-step action plan that a person should implement as soon as he or she learns of fraudulent activity.
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HIRE Act incentives require action by year end
August / September 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 847
Abstract: In March, two provisions of the Hiring Incentives to Restore Employment (HIRE) Act became law, providing incentives for hiring and retaining workers: 1) payroll tax forgiveness, which essentially exempts qualified employers from having to pay the 6.2% Social Security portion of Federal Insurance Contributions Act (FICA) taxes on certain new hires, and 2) a retained worker tax credit. But hires must be made by year end — and the sooner this is done, the more tax savings will result. This article explains how these two breaks work and offers some tips on deciding whether to bring on new employees. A sidebar discusses the act’s extension of 2009’s higher Section 179 expensing limits.
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Travel down the road toward tax savings
June / July 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 323
Abstract: This short article describes instances in which commuting expenses may be deducted, and points out that the 2010 standard rate for business travel in an automobile has been reduced from 2009’s.
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Pieces of the pie – Dividing the family business into separate entities can benefit all
June / July 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 753
Abstract: If a small family business has become big, it may be time to split it into two or more entities. Doing so may be necessary if the company has evolved into two distinct businesses or if heirs are locked in a battle of clashing visions for its future. But before moving forward, it’s important to know how the split will affect tax liability. A split can be a tax-free transaction if the company provides a valid business reason that led to the division. But such splits are complex, especially if they involve an employee stock ownership plan (ESOP). It will first be necessary to check whether a split is allowed under a previous buy-sell agreement. It’s also important to focus on the previous and anticipated business structures and the company’s pre-split tax attributes, along with the impact of a split on personal finances.
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Going green? Get credit – Tax credits for energy improvements
June / July 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 629
Abstract: Going green is not only the hot trend for both individuals and business — it can also reduce taxes. This year, boosting the energy efficiency of a home or car may qualify taxpayers for certain tax credits. Many of these are a result of provisions in the American Recovery and Reinvestment Act of 2009. One can receive a credit of 30% of the cost of eligible energy-efficient “appliances” such as heating, ventilating and air conditioning equipment, insulation and nonsolar water heaters. And certain plug-in electric vehicles may be eligible for a credit. A sidebar to this article discusses the credits available to those who put in a geothermal heat pump, small wind turbine, solar water heater or solar energy system.
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Fact finding mission – Assessing customers’ creditworthiness
June / July 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 843
Abstract: Business bankruptcies are up, and many companies that escaped bankruptcy are struggling. But most businesses need to extend credit to attract and keep customers. The key is to take steps to limit the risk that they won’t be paid. A first step is to ask new customers to complete a credit application. Next up is contacting the potential customer’s trade and bank references, and to study third-party evaluations such as newspaper articles and reports from credit rating agencies. A sidebar to this article offers suggestions for collecting from slow-paying customers.
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Don’t lose out on loss deductions
April / May 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 315
Abstract: When a business is losing money, the tax code’s net operating loss (NOL) provisions can help ease the pain. But these days, many businesses have been operating at a loss for some time and have had insufficient income in recent years to take advantage of NOL carrybacks. To make the break more useful, the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA) temporarily extended the maximum carryback period to five years for most businesses. WHBAA provides several options for businesses with NOLs.
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When family business succession planning goes awry, fix it — fast
April / May 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 754
Abstract: What if children or other family members are interested in taking over but they aren’t ready to run the business? A sound succession plan is a must in this situation, but even the best-laid plans can go awry. The good news is that there are steps one can take to right the succession ship. It’s important to involve all levels of the organization, and to take steps to maintain interim leadership if the preferred new leader isn’t yet ready. Professional advisors may also have the experience and skills necessary to shed an objective light on the situation.
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Making a difficult decision – Naming a guardian for your young child isn’t easy, but necessary
April / May 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 725
Abstract: It may be an unpleasant decision — but anyone who has minor children needs to decide, as soon as possible, who their child’s guardian should be if they and their spouse die unexpectedly. The process starts with creating a list of appropriate candidates. Who has the same values, and will be able to live up to the responsibilities of guardianship? As a sidebar to this article explains, it may be best to choose separate guardians in some instances, such as when there are several children in a blended family — or if one guardian is better at child care, and another at handling finances.
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Moving day – Your new home state can change your tax circumstances
April / May 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 806
Abstract: Someone who is moving out of state can find it beneficial to take a closer look at how the new home state may affect their tax liability. What are the state’s income, property, sales or estate taxes? Are there tax breaks for pension payments, retirement plan distributions and Social Security payments? What about state and local income taxes, which aren’t deductible for AMT purposes? And how do property taxes compare in the city or suburbs vs. a rural area? And, for those who own homes in multiple states, it’s important to take steps to establish domicile in one, or else possibly face unnecessary negative tax consequences.
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New for 2010: Roth IRA conversions available to everyone!
February / March 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 252
Abstract: 2010 is the year when those with significant amounts in their traditional IRAs can convert and reap the tax-free growth benefits of a Roth IRA — regardless of their income level. Previously, one had to have a modified adjusted gross income (MAGI) of $100,000 or less to be eligible to convert. This short article looks at some of the benefits and caveats.
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Are you caring for aging parents? If so, you’ll want to know about the adult dependent exemption
February / March 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 827
Abstract: Many in their 40s and 50s find themselves caring for children and aging parents while worrying about their own retirement. The combination of these factors can create a substantial burden on personal finances. The adult dependent tax exemption may help, if one qualifies — that depends on the income of both the taxpayer and his or her parents. Even if one doesn’t qualify, it still may be possible to deduct some medical costs. A sidebar discusses long-term care insurance.
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A stabilizing force – An advisory board can steer your family business through tough economic times
February / March 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 692
Abstract: In these difficult economic times, companies are under extreme pressure to produce results, which can lead to increased tensions between company executives. In a family business, the strain can be even greater because of possible family conflicts or emotional ties. To maintain an even keel and ensure that decisions are made in the best interest of the company, forming an advisory board may be a smart option. An advisory board isn’t bound by a fiduciary responsibility to the company and shareholders, so it can feel freer to think creatively to develop solutions to business problems and identify new business opportunities. There are five key steps to consider when setting up a board.
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This for that – Barter makes a comeback in today’s economy
February / March 2010
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 653
Abstract: Barter sounds so ancient, but the practice is still being used by companies — especially in today’s tough economic times. With credit still difficult to obtain from banks, many businesses are bartering their products and services to conserve cash flow and reduce excess inventory. To initiate the barter process, a company can handle the arrangements itself or can consult with an exchange company to help find trading partners. This article looks at some of the details, but a sidebar warns that these cashless transactions can’t cut out the IRS.