Tax & Business Alert
Showing 497–512 of 664 results
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Tax calendar
January 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 508
Abstract: With a new year comes pending tax filing deadlines. This article lists important filing requirements and their deadlines for the first three months of 2015.
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Retirement contribution limitations for 2015
January 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 328
Abstract: This article describes IRS cost-of-living adjustments affecting the dollar limitations for retirement plan contributions. Several of the limitations are higher for 2015 because the increase in the cost-of-living index met the statutory threshold. However, some limitations did not meet that threshold and remain unchanged from 2015.
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Taxability of rewards programs
January 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 515
Abstract: The IRS has long held that it won’t assert that someone has taxable income merely because they personally benefited from frequent flyer miles or other in-kind promotional benefits resulting from their business or official travel. But what if the miles are an award for opening a bank account? This article describes a Tax Court case in which the taxpayer discovered that the reason for being awarded benefits is significant.
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UNICAP rules and exemptions
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 279
Abstract: A set of tax rules known as the uniform capitalization (UNICAP) rules require certain business costs that are normally expensed as they’re incurred to instead be capitalized as part of the cost of inventory held for resale or noninventory items produced by a taxpayer for use in its trade or business. The rules are far from new, but a recent Tax Court decision is a reminder that they can be a trap for the unwary. Such was the case, this article explains, for a homebuilder who failed to capitalize a whole host of generally indirect costs that the IRS and the Court found to be related to completing the homes.
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Supersizing your charitable contribution deductions
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 451
Abstract: This article considers three charitable giving strategies that can help boost one’s 2014 charitable contribution deduction: using a credit card, donating a life insurance policy, and taking advantage of a donor-advised fund.
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Seniors age 70½+: Take your required retirement distributions
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 145
Abstract: The tax laws generally require individuals with retirement accounts to take annual withdrawals based on the size of their account and their age beginning with the year they reach age 70½, or face a hefty penalty. Those turning age 70½ in 2014 can delay their 2014 required distribution to 2015 — but this brief article explains whether or not it may make sense to do so.
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Retaining key employees
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 292
Abstract: Strategies to identify, retain and reward key employees are a must — and the most effective incentives are usually monetary. Generally, they are offered in the form of nonqualified plans, which are much more flexible than qualified plans concerning benefits, contributions, and participation requirements, and so can be tailored to a particular person’s situation. This article discusses three types: restricted stock, incentive stock options, and nonqualified stock options.
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Home office expenses of employees
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 531
Abstract: One requirement that must be met to qualify for a home office deduction is the “employer convenience test,” which is hard to satisfy unless the employer doesn’t provide the employee with an appropriate space in which to get their work done. This was the situation in a recent court case. This article looks at the case, in which the court ruled that an employee whose home was treated as her company’s “branch office” did indeed qualify for a partial deduction.
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Disability insurance for business owners and professionals
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 187
Abstract: Disability might not only remove a source of family income; it may also increase family expenditures. This brief article mentions a few factors to consider when choosing disability insurance coverage.
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Check your partnership and S corporation stock basis before year end
December 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 107
Abstract: This paragraph explains what a person should do if they own an interest in a partnership or S corporation, but expect it to generate a loss this year and there’s not sufficient basis to claim a full deduction.
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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