Tax & Business Alert
TBA
Showing 1–16 of 655 results
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The Child Tax Credit is still available
March 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 237
Abstract: Parents know that raising children is expensive. Although some of the enhancements of the Child Tax Credit (CTC) have expired, the credit is still available for eligible parents of children under age 17. Plus, there’s still time for taxpayers to claim the CTC on their 2023 tax returns, if they haven’t filed yet. This short article reviews the current rules.
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Have you recently reviewed your life insurance needs?
March 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 382
Abstract: At one time, life insurance played a much bigger role in estate planning than it does now. That’s because life insurance was needed to pay estate tax, which affected more people than it does now. With the federal gift and estate tax exemption now at $13.61 million for 2024, far fewer families must pay estate tax. Here’s how to evaluate your life insurance needs in light of circumstances today.
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Hiring? How to benefit from the Work Opportunity Tax Credit
March 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 457
Abstract: Businesses that are seeking to hire should be aware of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for long-term family assistance recipients). The credit is generally limited to eligible employees who begin work for the employer before January 1, 2026.
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Retirement saving options for your small business
March 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: Business owners who wish to set up a retirement plan for themselves and their employees may be worried about the financial commitment and administrative burdens involved. This article looks first at a “simplified employee pension” (SEP). Small business owners who establish and contribute to a SEP by the due date of their 2023 tax returns can still see tax savings for 2023. A sidebar describes a second retirement saving option, which is a “savings incentive match plan for employees” or SIMPLE.
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There may still be time to lower your 2023 tax bill
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 278
Abstract: Taxpayers preparing to file tax returns for 2023 may still have an opportunity to lower their tax bills. Those who are eligible can make tax-deductible contributions to traditional IRAs right up until this year’s April 15 tax-filing deadline, and benefit from the tax savings on their 2023 returns.
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Tracking down donation substantiation
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 407
Abstract: To support a charitable deduction, taxpayers need to comply with IRS substantiation requirements. But what if the taxpayer never receives a letter from the charity substantiating a donation? This article explains the rules.
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How to secure a tax benefit with the QBI deduction
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 481
Abstract: The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI deduction works and explains that it’s only available for a limited time, unless Congress takes further legislative action.
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Traveling for business in 2024? What’s deductible?
February 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 616
Abstract: For employers and their employees traveling for business this year, there are a number of considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply if the business conducted reasonably requires an overnight stay.
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Tax Calendar
January 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 344
Abstract: This calendar notes important tax deadlines for the first quarter of 2024.
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One reason to file your 2023 tax return early
January 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 248
Abstract: The IRS will soon announce the opening of the 2023 individual income tax return filing season. Even for taxpayers who don’t typically file until much closer to the April 15 deadline (or file for an extension), it’s a good idea to file earlier this year. Why? One major benefit is to protect against potential tax identity theft.
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Appraisals aren’t just for businesses anymore
January 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 379
Abstract: Anyone in the process of making a retirement or estate plan, or who intends to donate property to charity, needs to know the value of their assets. For many hard-to-value items — such as closely held business interests, real estate, art or collectibles — an appraisal may be necessary.
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First-year bonus depreciation and Sec. 179 expensing: Beware of pitfalls
January 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 395
Abstract: Many businesses are eligible for current tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to choosing the regular depreciation rules. This article looks at a couple of examples to show why it’s critical to look at the big picture and develop a strategy that aligns with a company’s overall tax planning objectives.
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The advantages of using an LLC for your small business
January 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 525
Abstract: If a small business is operated as a sole proprietorship, the owner may have thought about forming a limited liability company (LLC) to protect his or her assets. Or, if the owner is launching a new business, he or she may want to know what options are available for setting it up. This article explains the basics of operating as an LLC and why it might be a good choice for a small enterprise.
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3 strategies for handling estimated tax payments
December 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 270
Abstract: Self-employed individuals, and those with income from interest, rent, dividends and other sources, generally must pay estimated tax payments throughout the year. Mishandling these payments could trigger penalties. This brief article offers three strategies for getting it right, and a reminder that the next due date for estimated taxes is coming up fast: January 16, 2024.
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Consider the flexibility of a self-directed IRA
December 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 407
Abstract: Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, depending on what they’re invested in. But one drawback is that they limit the account owner’s investment choices. A self-directed IRA provides more flexibility in investment choices but comes with greater risk as well.
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Education benefits help attract, retain and motivate your employees
December 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 491
Abstract: One popular fringe benefit that an employer can offer is an education assistance program that allows employees to continue learning, and perhaps earn degrees, with financial help from the employer. A business can attract, retain and motivate employees by providing these benefits so that team members can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer under a “qualified educational assistance program.”