Tax & Business Alert
Showing 609–624 of 664 results
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Direct IRA contribution provision extended
March 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 259
Abstract: The American Taxpayer Relief Act of 2012 extended the IRA rules that allow taxpayers age 70½ or older, who have one or more IRAs and a desire to make charitable contributions, to receive tax-free treatment of distributions when they’re donated to charity. This brief article explains the details.
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Business provisions of the new tax act
March 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 543
Abstract: The 2012 American Taxpayer Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and businesses. On the business side, two of the most significant changes provide incentives to invest in machinery and equipment by allowing for faster cost recovery of business property. This article looks at the legislation as it pertains to enhanced small business expensing (Section 179 expensing) and an extension of additional first-year depreciation.
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New Roth IRA conversion option
March 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 151
Abstract: A provision in the recently enacted 2012 American Taxpayer Relief Act permits an individual to convert any portion of their balance in an employer-sponsored tax-deferred retirement plan account into a Roth IRA account under that plan. But this brief article notes some caveats.
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American Taxpayer Relief Act of 2012
March 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 784
Abstract: The American Taxpayer Relief Act of 2012 provides relief for most taxpayers, but will increase the tax bill for high-income folks. The Act includes, among other items, permanent extension of the Bush-era tax cuts for most taxpayers; revised tax rates on ordinary and capital gains income for high-income individuals; modification of the estate tax; a permanent fix of the AMT for individual taxpayers; limits on deductions and exemptions of high-income individuals; and numerous retroactively reinstated and extended tax breaks for individuals and businesses. This article discusses several of the Act’s provisions impacting individual taxpayers.
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Benefits of using a family LLC
February 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 618
Abstract: For those who are interested in gradually transferring partial ownership of their assets to their children, a good method might be to transfer the assets to a family limited liability company (LLC) and subsequently gift membership interests in it to the children. With that in mind, this article provides some information about using a family LLC to transfer ownership of assets.
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Tax rules for gamblers
February 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 393
Abstract: Whether the economy is expanding or contracting, gambling remains a popular pastime. For casual gamblers, winnings are fully taxable and must be reported on one’s tax return. It’s also possible to deduct gambling losses, but only up to the extent of winnings. But the rules for professional gamblers are more complex, as this article explains.
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Patron’s gifts and athletic tickets
February 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 203
Abstract: Subject to Congress changing the law, the cost of tickets to a charitable event is eligible for a contribution deduction to the extent the purchase price exceeds the fair market value of admission and privileges associated with the event. But there are some caveats, as this brief article explains.
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Standard mileage rates for 2013
February 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 158
Abstract: This brief article provides an update on 2013 standard mileage rates, but notes that there are circumstances in which taxpayers must instead calculate their actual costs.
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Social Security and Medicare update
February 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 391
Abstract: This article discusses the annual inflation adjustments that have been made for the various Social Security amounts and thresholds for 2013. It includes discussion of the 0.9% Medicare surtax (new for 2013), along with Social Security tax and benefit amounts.
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Retirement contribution and other limitations for 2013
January 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 384
Abstract: The IRS has announced cost-of-living adjustments affecting the dollar limitations for retirement plans, deductions and other items. Several of the limitations are higher for 2013 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 2012. This article describes some of the details.
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Business deduction for Medicare insurance premiums
January 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 86
Abstract: This brief article notes who can deduct premiums paid for qualified health insurance in computing their adjusted gross income (AGI) and whether certain Medicare premiums count for this rule.
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Filing status implications
January 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 428
Abstract: For married taxpayers, the implications of filing a joint or separate return extend beyond tax rates and the standard deduction. Like many aspects of income taxation, there is usually more than one approach to finding the optimal solution. This article lists some of the more common implications of filing either a joint or separate return.
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Tax calendar
January 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 307
Abstract: This article lists deadlines for filing certain tax documents, along with descriptions of the necessary procedures.
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Deducting home mortgage interest
January 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 589
Abstract: The political debate on federal tax reform touches many topics, including the tax deduction for interest on home mortgage loans. This article reviews federal law on deducting residential mortgage loan interest. It discusses interest paid on qualified residence debt and what constitutes a “qualified residence.” It also offers a planning tip for taxpayers with more than two homes.
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Filing options for your final Form 1040
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 627
Abstract: A major decision for married individuals concerns whether to file a joint return for the year of death. The answer may depend on whether or not the surviving spouse remarries during the year. This article describes some of the advantages and disadvantages for joint filers to consider when filing that final return.
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Save taxes using a partial annuity exchange
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 408
Abstract: Initially, nonannuity payments (distributions received before the annuity starting date) generally consist entirely of taxable income until all of the annuity contract’s earnings have been distributed. Subsequent payments are considered to be a nontaxable return of basis. Because of this issue, when an annuity owner must take a nonannuity distribution, the tax impact can be onerous. But, as this article explains, Internal Revenue Code Section 1035 can, in some cases, provide a federal tax-free mechanism to exchange one annuity contract for another annuity contract.