Tax & Business Alert
TBA
Showing 1–16 of 664 results
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The “nanny tax” must be paid for nannies and other household workers
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: Many taxpayers employ household workers such as a cleaners or nannies who aren’t independent contractors. These employers may be required to withhold from their workers’ wages and pay Social Security and Medicare taxes, and possibly other taxes. This short article gives a rundown of what the employer of a household worker needs to know to withhold taxes, what taxes the employer is responsible for and how to report the taxes.
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To get an “early” refund, adjust your withholding
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 403
Abstract: Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In fact, it’s similar to giving the government an interest-free loan for nearly a year. Fortunately, there’s a way taxpayers can begin collecting their 2024 tax refunds now, by reviewing their withholding and estimated payments, and getting the money in their pockets during the year, instead of in a refund the following year.
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3 ways your business can uncover cost cuts
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 490
Abstract: Every business wants to cut costs, but it sure isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and overhead — often aren’t viable options because the very stability of the operation may depend on them. But there might be other ways to lower expenses if a business owner digs deeply enough. Here are three ways to perhaps uncover some cost-cutting opportunities.
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The advantages of hiring your minor children for summer jobs
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 565
Abstract: Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and learn how to manage money. A sidebar notes that earned income can also help young workers get an early start on funding a retirement plan.
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Tax Calendar
April 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 196
Abstract: This calendar notes important tax deadlines for the second quarter of 2024.
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Payable-on-death accounts: Beneficial tools if used correctly
April 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 307
Abstract: Payable-on-death accounts can provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit and even brokerage accounts.
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4 ways corporate business owners can help ensure compensation is “reasonable”
April 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 442
Abstract: Owners of incorporated businesses know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once — to the employee who receives it.
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Is your business closing? Here are your final tax responsibilities
April 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 482
Abstract: Businesses shut down for many reasons, including the owner’s retirement, an expired lease, staffing shortages, partner conflicts and increased supply costs. Closing a business means taking care of various tax obligations that must be met. This article provides a rundown.
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Tax records: What can you toss and what should you keep?
April 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 634
Abstract: Generally, the IRS has three years to audit a tax return, from the later of the due date of the return, or the date the return is filed. But many exceptions exist that make it prudent to keep financial records even longer. Some states also have different records retention requirements. Here’s the lowdown on records retention, broken down by various types of documentation.
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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.