Tax Impact

Showing 353–368 of 380 results

  • Tax Tips – Government incentives for business growth – 1099s – Municipal bonds

    January / February 2009
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 474

    Abstract: News items briefly discussed are government incentives for business growth, the new law requiring processors of credit card transactions to file 1099s reporting a merchant’s annual gross payment card receipts, and municipal bonds.

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  • Succession story – Estate planning for family business owners

    January / February 2009
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1132

    Abstract: Many families invest a lot of time, energy and resources into building successful businesses but pay little attention to how their companies will make the transition from one generation to the next. According to a 2008 study by Campden Research, Protecting the Family Fortune, a majority of affluent family business owners “are not implementing succession plans, don’t have asset protection strategies and are not updating estate plans, leaving their professional and personal interests vulnerable.” Failure to address succession is risky: According to the study, only 15% of family businesses survive past the second generation. To improve your odds and protect your family’s wealth, review this article for strategies to ensure your succession is successful and the tax impact is minimized.

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  • The home sale exclusion may be more limited than you think

    January / February 2009
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 620

    Abstract: The capital gains tax exclusion for home sales may be the best-known provision in the tax code. But it’s also widely misunderstood. Many people assume they can sell their homes tax-free, but that’s not always the case. And a recent tax law change further limits the exclusion for certain sellers. This article looks at the eligibility requirements for the home sale exclusion so that homeowners don’t receive an unpleasant tax surprise when they go to sell their homes.

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  • Ensuring your business structure is the right one

    January / February 2009
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1133

    Abstract: Selecting the right business structure — either C corporation, S corporation, limited liability company (LLC), partnership or sole proprietorship — for your business is a complex decision that requires you to consider a number of interrelated tax, liability and administrative factors. There’s no one right answer because it depends entirely on your circumstances, which may change over time. That’s why it’s essential to periodically review your business structure. This article focuses on some of the factors that will affect whether you keep your current structure or, if needed, elect a new one.

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  • Tax Tips

    November / December 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 458

    Abstract: News items briefly discussed are mutual funds and charitable giving.

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  • Selling your home at a loss can mean higher taxes

    November / December 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 510

    Abstract: When you sell your home at a profit, the tax code is quite generous. You can exclude up to $250,000 ($500,000 for married couples) in capital gain on the sale of a principal residence. If you sell your home at a loss, however, the code is downright stingy: The loss isn’t deductible and, in a harsh twist of irony, you may end up owing taxes. This article looks at the tax rules in this area and the circumstances when homeowners may receive debt relief.

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  • The IDGT: A useful tool for transferring your business to your heirs

    November / December 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1081

    Abstract: It’s a common dilemma for many business owners: The bulk of your wealth is tied up in your company and you’d like to begin transferring it to your children. But you have several concerns, including reducing the tax bite, retaining control and ensuring you have enough for a comfortable retirement. This article explains how an intentionally defective grantor trust can minimize or even eliminate gift and estate taxes while helping family business owners retain control of their companies and maintain an income stream.

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  • Give your company — and yourself — the gift of tax savings – 3 tips to implement before year end

    November / December 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 902

    Abstract: It’s important to take time to address your business’s tax situation at any time of the year. But it’s especially critical as year end approaches. You can minimize the amount you give to the IRS, leaving you with more to invest in your business or save. Don’t delay, because many tax-saving techniques have to be implemented before year end. This article reviews three strategies: timing income and deductions, deferring tax on advance payments and increasing basis.

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  • Tax Tips

    September / October 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 509

    Abstract: This article briefly reviews tenancy-in-common interest, year end tax tips for the self-employed, and how the IRS classifies hobbies and second businesses.

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  • Is tax-free investing really tax-free?

    September / October 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 592

    Abstract: Investing in tax-exempt securities such as municipal bonds can be a great strategy, especially if you’re in a high tax bracket. But this strategy can backfire if you’re not careful. Sometimes “tax-free” isn’t as free as it seems. This article explains how to evaluate the tax-effectiveness of municipal bonds and tax traps to watch out for.

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  • Don’t “wage” war with the IRS – Review S corporation compensation to help ensure it will pass muster

    September / October 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 601

    Abstract: The payment of reasonable compensation to S corporation shareholders is high on the IRS’s list of audit concerns. That’s because S corporations that make distributions of profits in lieu of salaries to employee shareholders enjoy significant savings on employment taxes. In recent years, auditors have been scrutinizing S corporation salaries and recharacterizing distributions of profits as wages when they feel that shareholder compensation is unreasonably low. The result: Affected businesses receive an unpleasant surprise in the form of a bill for unpaid employment taxes, plus penalties and interest. This article offers advice on how to determine reasonable compensation.

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  • A great time for a GRAT – How to transfer more to your heirs at a lower tax cost

    September / October 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1210

    Abstract: If you’ve graduated beyond making annual exclusion gifts and are looking to do more, perhaps a grantor retained annuity trust (GRAT) would fit your needs. Although it’s a relatively sophisticated strategy, when carefully planned and executed, the GRAT could allow you to transfer substantial amounts of wealth to your children or other heirs while minimizing — or even eliminating — gift and estate taxes. And, by establishing a long-term GRAT while interest rates are low, you can enhance the GRAT’s tax-saving potential. This article explains how a GRAT works and its tax-saving advantages.

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  • Tax Tips

    July / August 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 519

    Abstract: News items briefly discussed are some little-realized expenses that qualify for the medical expense deduction, making tax-free gifts using the annual gift tax exclusion, and using estimated tax payments to boost a company’s cash flow.

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  • Deferring capital gains taxes with a like-kind exchange

    July / August 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1075

    Abstract: Taxes can be an obstacle even in a sluggish real estate market. If you’ve held property for a long time, it may be worth substantially more than you paid for it, even if its value has declined in recent years. Also, years of depreciation deductions may have reduced or eliminated your tax basis in the property. So if you’re planning to sell property and capital gains will be triggered, find out if a like-kind exchange is an option for you. Also known as a Section 1031 exchange after the relevant section of the Internal Revenue Code, a like-kind exchange may be able to help you defer — or even permanently avoid — capital gains taxes. This article explains how like-kind exchanges work and how taxpayers may save.

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  • Watch your step – 3 life insurance slip-ups to avoid

    July / August 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 755

    Abstract: Life insurance is a versatile financial planning tool. It provides a source of wealth to fund a variety of estate and business succession-planning strategies. And policies with an investment component offer tax-deferred growth, which you can use to supplement your other retirement savings. What’s more, under the right circumstances, a policy’s death benefits will be exempt from income and estate taxes. Careful planning is required to ensure that life insurance proceeds remain tax free. One misstep can trigger estate taxes, income taxes or both, drastically reducing the amount available for your loved ones. This article examines three slip-ups to avoid.

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  • Economic Stimulus Act of 2008 – Take advantage of business incentives before it’s too late

    July / August 2008
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 940

    Abstract: The $152 billion Economic Stimulus Act of 2008 has received a lot of attention for its “recovery rebates” and other personal tax incentives. But as part of its effort to jump-start the economy, the act also provides valuable incentives for businesses to boost their capital spending. Among other things, the act nearly doubles the limit on Internal Revenue Code Section 179 expensing and offers a 50% first-year depreciation bonus for certain business property and qualified leasehold improvements. This article reviews these incentives and reminds businesses that they are temporary, so eligible companies need to act quickly.

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