Tax Impact
TXI
Showing 1–16 of 360 results
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Tax Tips – Should you file a joint return when your spouse dies?
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: These brief tips explore whether a surviving spouse should file a joint tax return the same year the other spouse dies; reports that the Inflation Reduction Act (IRA) expanded the research credit for small businesses; and explains how the IRA extends the limit on excess business losses through 2028.
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Health care expenses: What’s deductible?
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 596
Abstract: For many people, unreimbursed medical bills and other health care costs are a significant expense, especially as they get older. Fortunately, many of these expenses are tax-deductible. This article details the types of health care expenses that are deductible. It also discusses the deductibility of self-employed health insurance costs.
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Gifts that give back – Evaluate the tax benefits of individual and trust charitable donations
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 590
Abstract: When donating to charity, a major decision one needs to make is whether to donate assets held in a trust or those that he or she holds individually. This article examines the tax consequences of making individual asset donations vs. donating trust property and details the circumstances under which donations by a trust are deductible.
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Make the most of the general business credit
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 831
Abstract: Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC). This article explains how the GBC works. A brief sidebar lists specific individual tax credits included under the GBC.
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Tax Tips – Now is a good time to check your FSA balance
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 431
Abstract: These brief tips explain why now is a good time to check one’s flexible spending account’s balance; explore how relying on IRS-issued FAQs can help avoid noncompliance regulations; and detail the benefits of opening a Roth IRA for a child.
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Can your gifting program benefit from defined-value gifts?
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: It’s no surprise that many individuals are making substantial gifts to their family members to take advantage of the current federal gift and estate tax exemption. Indeed, the 2022 exemption of $12.06 million is the highest amount it’s ever been. But absent action from Congress, the amount will drop to an inflation-adjusted $5 million in 2026. If a person’s estate consists of hard-to-value assets, making gifts of these assets can be risky. If the IRS later determines that the gifts were undervalued, gift tax (plus interest and possibly penalties) may result. This article explains why making defined-value gifts can help avoid unexpected tax liabilities.
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Year-end tax planning tips for investors
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 701
Abstract: Savvy investors know that taxes can have a big impact on their returns. And while tax considerations should generally take a back seat to sound investment strategies, consider year-end moves that can slash one’s tax bill. This article provides a few ideas to consider as the end of 2022 nears.
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Year-end tax planning for business – Flexibility can be a virtue
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 949
Abstract: For most businesses, year-end tax planning involves a delicate balancing act, and the more flexibility that’s built into the plan, the better. That’s because the tax code is in a constant state of flux, which makes it challenging to identify the most effective strategies. Tax strategies that are right for one business might be wrong for another. This article explains a few different strategies that provide planning flexibility. A sidebar discusses whether a business owner can deduct the costs of interior building improvement.
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Tax Tips – HSAs can also be powerful retirement saving tools
July / August 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 394
Abstract: These brief tips detail why Health Savings Accounts can act not only as tax-advantaged savings vehicles for funding uninsured health care expenses, but also as attractive retirement savings vehicles; and explain under what circumstances one should consider filing a tax return as “married filing separately.”
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Net gifts differ from standard gifts
July / August 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 526
Abstract: Thanks to the generous federal gift and estate tax exemption and the annual gift tax exemption, most gifts are shielded from tax. However, those who are concerned about the impact of transfer taxes on their gifts can make “net gifts.” This article details the ins and outs of making net gifts.
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Managing capital gains – The right timing can result in significant tax savings
July / August 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 774
Abstract: For those who plan to sell their capital assets, a little planning can do wonders for their tax bills. Capital assets include a wide range of property held for personal or investment purposes, including stocks, bonds, real estate, jewelry and collectibles. This article provides a few rules of thumb that may reduce capital gains taxes.
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Is your business getting the credits it deserves?
July / August 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 824
Abstract: It’s a challenging time to grow a business. So, any help a business owner can get in the form of tax credits, tax exemptions, grants, low-cost financing and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. This article explains two types of tax incentives: statutory and discretionary. A brief sidebar explores the availability of states’ sales tax exemptions.
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Tax Tips – Get ready for new cryptocurrency reporting requirements
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 443
Abstract: These brief tips explain cryptocurrency reporting requirements; detail why rental real estate owners need to understand purchase price allocations; and explore why employers need to be cautious when providing employees with group term life insurance.
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Are you making the most of your 401(k) plan?
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 616
Abstract: One of the smartest ways to save for retirement is to annually max out 401(k) plan contributions. If one’s employer offers matching contributions, it’s advisable to contribute at least enough to qualify for the maximum employer match. However, the timing of one’s contributions can have an impact on eligibility for matching contributions. This article explains the ins and outs of “front-loading” contributions vs. spreading contributions out evenly over the year.
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Business succession and estate planning go hand-in-hand
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 707
Abstract: A business owner’s most valuable asset likely is his or her company. Thus, addressing it in an estate plan is critical if, for example, the person dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a smooth transition of the business to the owner’s children or other family members after retirement.
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Research credits – IRS tightens documentation requirements for refund claims
May / June 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 760
Abstract: In recent guidance, the IRS has imposed strict new documentation requirements on businesses that file refund claims for federal research credits. Currently, businesses may claim the research credit on an originally filed return or an amended return. This article explains that the new requirements apply to the latter, although it’s possible that the IRS will attempt to enhance the documentation requirements for originally filed returns down the road. A sidebar explores research expense deductions.