Tax & Business Alert
Showing 561–576 of 660 results
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Additional 0.9% Medicare tax
January 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 676
Abstract: Individuals must pay an additional 0.9% Medicare tax on earned income above certain thresholds. This article explains those thresholds and how the tax applies at different income levels depending on the employee’s marital and filing status. It also discusses the effect on self-employed individuals. A sidebar illustrates how the tax works by looking at the case of “Josh and Anna,” whose individual incomes fall below the tax’s threshold, but whose combined income exceeds it.
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IRS modifies FSA use-it-or-lose-it rule
January 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 132
Abstract: Although Health Flexible Spending Account (FSA) contributions left over at the end of a plan year are forfeited to the employer under the “use-it-or-lose-it rule,” this brief article notes that the IRS has softened the rule.
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2014 Social Security wage base
January 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 136
Abstract: This brief article notes a change to the wage base for computing Social Security tax for 2014.
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Tax calendar
January 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 482
Abstract: This tax calendar lists January-March deadlines for filing certain individual and business tax documents, along with descriptions of the necessary procedures.
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Life insurance as a source of funds for the terminally ill
January 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 536
Abstract: Although insurance policies have historically been held for the death benefits, some policies now include an accelerated death benefit (or living benefit) rider. Where accelerated death benefits are not an option, it may be possible to sell the life insurance policy to a viatical settlement provider. Either way, individuals can secure some much-needed cash while they are still living. Better yet, the proceeds will usually be tax-free. This article explores both options.
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Itemized medical deductions
December 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 250
Abstract: Before 2013, a taxpayer could claim itemized deductions for medical expenses paid for him- or herself, his or her spouse, and dependents to the extent those expenses exceeded 7.5% of adjusted gross income (AGI). But the rules have changed for the worse. This article explains why, but also how it’s possible to alleviate the situation.
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Qualified charitable distributions
December 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 425
Abstract: IRA owners and beneficiaries who have reached age 70½ are permitted to make donations to IRS-approved public charities directly out of their IRAs. These so-called qualified charitable distributions, or QCDs, are federal-income-tax-free, but offer no charitable deduction on one’s tax return. But, that is fine because the tax-free treatment of QCDs is the same as an immediate 100% deduction without having to worry about restrictions that can delay itemized charitable write-offs. As this article points out, QCDs have other tax advantages, too.
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Year end mutual fund purchases
December 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 399
Abstract: Many taxpayers make adjustments to their investment portfolio near year end to take profits, to recognize tax losses, to reallocate their assets, and for various other reasons. When making purchases of mutual funds near year end, however, it’s important to be wary of actually purchasing a tax liability. This article explains why the timing of a share purchase in a particular fund can affect one’s tax liability. To avoid this, it’s advisable to check with the mutual fund company to determine the status and nature of any forthcoming dividends when purchasing equity mutual funds late in the year.
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Minimizing the 3.8% net investment income tax
December 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 572
Abstract: Originating as a component of 2010 health care legislation and first effective in 2013, the 3.8% net investment income tax (3.8% NIIT) is assessed on the lesser of net investment income (NII) or modified adjusted gross income (MAGI) above specific thresholds. Thus, planning strategies to reduce the surtax will only be effective if they target the applicable exposure point. This article shows how to reduce AGI and NII, while offering longer-term strategies to reduce exposure to the 3.8% NIIT.
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New tax rules for legally married same-sex couples
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 229
Abstract: The U.S. Department of the Treasury and the IRS recently ruled that same-sex couples, legally married in a jurisdiction that recognizes their marriages, will be treated as married for federal tax purposes. This ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not. This brief article notes some caveats and addresses tax filing for 2013 or earlier.
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IRS Affordable Care Act website
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 84
Abstract: This one-paragraph article notes that the IRS has a new website that provides information on the Affordable Care Act.
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Using an S corporation to hold stock in other corporations
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 432
Abstract: In choosing an entity for a business, there are opportunities to use an S corporation to hold stock in other corporations, but not the stock of other S corporations. If any corporation acquires the S corporation’s stock, that S corporation becomes a C corporation, which is generally detrimental. The truth is that taxpayers with S corporations have a great deal of flexibility in structuring their corporate holdings. This flexibility allows an S corporation to hold C corporation subsidiaries and qualified Subchapter S subsidiaries, as this article explains.
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Deciding when to start receiving Social Security benefits
November 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 980
Abstract: As one approaches retirement age, it’s necessary to decide whether to begin taking reduced Social Security benefits early or wait until the full benefit retirement age (FBRA), or even later. This article lists those factors that may favor receiving the benefits early vs. those that may indicate it’s better to wait until the FBRA or even later.
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Retirement plan loans
October 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 252
Abstract: Those who are unable to borrow from a bank or other outside source may find that their qualified retirement plan is a good option. It’s also possible to benefit from resources in an IRA, but, as this article explains, there are caveats for both options.
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At-risk rules for a closely held corporation
October 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 308
Abstract: The at-risk rules may limit the amount of loss that can be deducted from investment in a closely held corporation. The amount of loss a corporation may recognize from an activity is limited to the amount that is at risk for that activity at the close of the tax year. This article explains what assets are included in the amount that’s at risk in an activity. It notes that these rules are not the only ones that may limit tax benefits from losses in a closely held corporation.
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Tax calendar
October 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 218
Abstract: This article looks at four tax deadlines for the final quarter of 2013.