Tax / Estate & Wealth Planning
Showing 33–48 of 2173 results
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How to secure a business bad debt deduction
November 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 503
Abstract: This brief article highlights how businesses may be able to secure bad debt deductions. This tax treatment isn’t automatic. A business must be able to show that the debt in question is worthless. The article explains the ins and outs of claiming a business bad debt for 2023.
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Is disability income taxable?
November 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 548
Abstract: Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need.
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Tax Tips – Take advantage of the 0% tax rate
November / December 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 444
Abstract: These brief tips explore the value of taking advantage of the 0% capital gains tax rate; explain that qualified businesses can still claim the Employee Retention Tax Credit; and detail the option of requesting a corporate tax refund.
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Renting to relatives? Beware of the tax pitfalls of family member rentals
November / December 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 531
Abstract: If you own residential real estate, you may be considering renting it to family members. As rents continue to rise in many parts of the country, renting property at a discount to family members may seem like a good way to help relatives in need. But these arrangements are fraught with tax perils. A misstep can lead to the loss of significant tax deductions. This article reviews the tax treatment of rentals to unrelated parties and examines how renting to family changes the rules.
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Does a charitable remainder trust belong in your estate plan?
November / December 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 564
Abstract: When it comes to tax-saving strategies, sometimes the current economic and financial environment can make one strategy more effective than another. That’s certainly the case with a charitable remainder trust (CRT). Indeed, CRTs are generally more attractive when interest rates are higher — and the prime lending rate is currently at its highest level since 2001. This article details how a CRT works and why it can benefit a person’s estate plan.
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Year-end tax planning strategies for businesses
November / December 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 918
Abstract: As 2023 comes to a close, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.
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Tax Calendar
October 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 293
Abstract: This calendar notes important tax deadlines for the fourth quarter of 2023.
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State taxes affect business sales, too
October 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 306
Abstract: Business owners sometimes decide to put their companies on the market. When doing so, they may focus on the federal tax implications of a sale. But there will be state tax implications, too. This brief article touches on some key issues regarding state taxes.
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Don’t get carried away by a windfall
October 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 372
Abstract: Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. This article points out some of the pitfalls and how to avoid them, as well as what to expect in terms of taxes.
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The deductibility of medical expenses
October 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 399
Abstract: Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. This article offers up five points to keep in mind about the deductibility of medical expenses.
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Do you run a business from home?
October 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 531
Abstract: Many people who began working from home during the COVID-19 pandemic are still doing so, full or part-time. Business owners who moved their operations to a home office, or at least began performing some work functions there, may be able to claim home office expenses against their business income. This article describes how to qualify for home office deductions and the two methods owners can choose from to claim this tax break.
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Estate Planning Red Flag – You have a holographic will
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 323
Abstract: Aretha Franklin died more than five years ago, but it wasn’t until this year that a Michigan jury gave her estate planning wishes some respect, holding that a handwritten document discovered under her couch cushions was a valid will. This case illustrates the dangers of so-called “holographic” wills. This brief article details the court case and explains the pitfalls of holographic wills.
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Form over substance – Documenting charitable donations is critical
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 620
Abstract: Taxpayers who itemize deductions are entitled to deduct charitable donations, subject to certain requirements and limitations. One of the requirements is the need to substantiate charitable gifts with documentation that satisfies the tax code and IRS regulations. This is an area where the IRS takes a “form over substance” approach. This article details how to properly substantiate cash and noncash donations.
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Preserve wealth for future generations with a spendthrift trust
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 614
Abstract: For some people, protecting their wealth after it’s been transferred to beneficiaries is just as important as reducing the tax liability on the transfers. Attaching spendthrift language to a trust can provide peace of mind that one’s hard-earned wealth won’t be frivolously spent by heirs or seized by their creditors. This article explains the ins and outs of a spendthrift trust.
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Basis points – How planning can minimize the impact of income taxes
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 918
Abstract: Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax. Although there were income tax advantages to retaining assets in an estate, the estate tax costs usually eclipsed any potential income tax savings. But things have changed: Between 2001 and 2023, the federal gift and estate tax exemption soared from $675,000 to $12.92 million. The highest estate tax rate dropped from 55% to 40%. Today, only the wealthiest of families are exposed to estate tax liability, elevating the importance of income tax planning. This article details the differences between income and estate tax planning. A sidebar explains that, according to an IRS ruling, there’s no stepped-up basis when using an intentionally defective grantor trust.
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Estate Planning Pitfall – You haven’t recently updated your powers of attorney
October / November 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 337
Abstract: Health care and financial powers of attorney are critical components of an effective estate plan. Indeed, while much of a person’s estate plan focuses on actions that take place after death, it’s equally important to have a plan for making critical financial or medical decisions if one is unable to make them for his or herself. This brief article explains why it’s important to frequently update powers of attorney documents.