TBA
Showing 593–608 of 664 results
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The marriage penalty
July 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 543
Abstract: The marriage penalty occurs under the current tax system when a married couple pays more federal income tax when filing jointly than they would if they had remained single and each filed as an individual taxpayer. Historically, Congress has taken steps and passed legislation to provide relief from the marriage penalty. However, the 2010 Affordable Care Act and the American Taxpayer Relief Act of 2012 (ATRA) increased the marriage penalty for some high-income couples. This article takes a look at how this legislation adversely impacts married taxpayers.
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Tax benefits for adoption expenses
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 245
Abstract: Taxpayers with certain eligible adoption expenses can benefit at tax time by claiming either a tax credit or, if their adoption expenses are reimbursed by their employer, an income exclusion for the reimbursement. The income exclusion is only available if their employer maintains an adoption assistance program. The credit and exclusion are subject to a dollar limitation and phaseout for taxpayers whose income exceeds certain thresholds. This article discusses the credit in regard to qualifying adoption-related expenses, including as they pertain to special-needs children.
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Selling a home to your child at a bargain price
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 571
Abstract: As part of an estate and gift planning strategy, a taxpayer may consider transferring ownership of a family home to an adult child. Note, however, that the tax implications of such transfers can be significant. As this article illustrates, it can produce great tax results for the parent, but it may produce less-than-great income tax results for the child if the home has appreciated significantly.
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Help grandchildren with college costs
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 250
Abstract: Contributing to a Section 529 college savings program is a great way for grandparents to help their grandchildren pay for college. It is also a great way to remove assets from the grandparent’s estate without paying estate tax. As an added feature, money in a 529 plan owned by a grandparent is not assessed by the federal financial aid formula when qualifying for student aid. This article offers an example of how the gift tax exclusion can reduce the taxability of a 529 plan contribution.
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Higher education costs continue to escalate
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 126
Abstract: The cost of attending college continues to increase. This one-paragraph article cites statistics from the College Board.
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Use a QDRO to divide qualified plan assets in divorce
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 537
Abstract: When qualified plan assets are divided in divorce, a qualified domestic relations order (QDRO) is critical. Without a QDRO, distributions from a qualified retirement plan to an ex-spouse are fully taxable to and not deductible by the first spouse. In contrast, distributions under a QDRO are taxed to the recipient when received by that person. This article examines the details.
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Nonspouse IRA beneficiaries
May 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 466
Abstract: It is increasingly common for individuals to become entitled to some or all of the balance in a deceased account owner’s traditional IRA or Roth IRA by virtue of being designated as an account beneficiary. But, if the beneficiary is not the deceased’s spouse, it is not possible for them to receive their share of the inherited IRA balance and then roll it over tax-free into their own IRA before the familiar 60-day deadline for rollovers has passed. But this article explains that there are ways to finesse the “no-rollover-allowed rule” so as to take control of a share of an inherited IRA without adverse tax consequences.
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Qualified plan distributions exempt from the NIIT
May 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 481
Abstract: Beginning in 2013, a new 3.8% net investment income tax (NIIT) applies to the net investment income of high-income taxpayers. This article explains the income thresholds, the types of income subject to the tax, and retirement plan distributions that are not subject to the NIIT.
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Increased Medicare payroll tax
May 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 379
Abstract: The Medicare payroll tax is the primary source of financing for Medicare, which generally pays medical bills for individuals who are 65 or older or disabled. Wages paid through Dec. 31, 2012, were subject to a 2.9% Medicare payroll tax. Workers and employers pay 1.45% each. Beginning in 2013, individuals who have wage and/or self-employment income exceeding certain thresholds are subject to an additional 0.9% Medicare tax (that is, 2.35% total) on their earned income exceeding the applicable threshold. This article discusses the tax as it affects different categories of filers.
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Tax breaks for families and students
May 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 316
Abstract: Recent legislation made permanent or extended several tax breaks for families. In addition, several education breaks were made permanent or extended. This article describes a number of them.
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New simplified home office deduction
April 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 251
Abstract: Beginning in 2013, a simplified option is available that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. This article discusses which requirements have been relaxed and which are still in effect.
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Residency issues for retirees
April 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 572
Abstract: With 10,000 baby boomers turning 65 each day, some may decide to move to another state for a variety of reasons. If the retiree’s move is intended to be permanent, it is important that legal domicile be established in the new state. If not, the retiree may be subject to income tax as a resident of both the old and new states, and both states may claim jurisdiction over the retiree’s estate. This article lists the steps that tend to establish domicile in a new state.
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2013 gift tax exclusion
April 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 151
Abstract: This brief article notes an increase in the annual gift tax exclusion to $14,000, but also mentions that certain payments are not subject to the gift tax and, therefore, are not included in the $14,000 limit.
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Excluding gain on qualified small business stock
April 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 155
Abstract: A beneficial tax provision to exclude 100% of the gain from the sale of qualified small business stock (QSBS) was extended for two years by the American Taxpayer Relief Act of 2012. This brief article notes that status as a qualified small business corporation is an opportunity to save taxes, but only if the fairly restrictive qualification requirements can be met.
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Tax calendar
April 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 227
Abstract: This article looks at three tax deadlines for the first half of 2013.
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Impact of higher individual federal tax rates
April 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 408
Abstract: Media outlets have focused a great deal of attention on the topic of increased individual federal tax rates. Most wage earners have seen their take-home pay shrink due to higher payroll taxes, but high-income taxpayers are really feeling the pain of higher tax rates in addition to new taxes. This article discusses tax rates under the Patient Protection and Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012.