TBA
Showing 561–576 of 664 results
-
Making your hobby a business
February 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 439
Abstract: Taxpayers often invest a great deal of time and money in their hobby, and some eventually make it a full- or part-time business activity. It’s not a problem as long as the new business turns a profit. And it may be fine as well if the business produces a loss and the taxpayer enjoys the activity — even better if the loss can offset other income. However, if the business consistently generates losses, the IRS could determine that these losses are actually nondeductible hobby losses. This article discusses two ways to avoid the hobby loss rules.
-
Coverdell Education Savings Accounts
February 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 189
Abstract: The Coverdell Education Savings Account (ESA) was created as an incentive to help parents and students save for education expenses. This article looks at its benefits and limitations.
-
Converting a residence to rental property
February 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 353
Abstract: Recovering real estate values may cause some homeowners to consider converting their personal residence to rental property for investment purposes. But this decision is complex, and its ramifications are far-reaching. This article examines the economic factors that need to be considered.
-
Structuring a tax-free incorporation
January 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 299
Abstract: When forming a corporate entity, one method of capitalization is through a tax-free (actually, tax-deferred) exchange. Properly transferring property to a corporation delays the recognition of any gain on that property until a taxable event occurs. This article lists four requirements for a tax-free incorporation.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.