TXI
Tax Impact
Showing 1–16 of 336 results
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Tax Tips – IRS guidance on the 100% business meal deduction
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 425
Abstract: These brief tips detail recent IRS guidance regarding 100% business meal deductions and explain how a “mega backdoor” Roth IRA works.
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Selling your home? Be sure you understand the home sale exemption
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 606
Abstract: Sky-high demand for homes, driven in large part by rock-bottom interest rates, has created a seller’s market. Those thinking about selling their homes will want to determine whether they qualify for the home sale exemption. This article details the exemption’s requirements.
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How tax-affecting can benefit estates with pass-through entities
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 662
Abstract: For those with larger estates, asset valuation should be an important aspect of their estate plans. This is especially true if a closely held business is part of the estate. The valuation of the business for gift and estate tax purposes is critical to determining how much of the estate goes to one’s family and how much goes to the government. This article defines the term “tax-affecting” and describes how a tax-affecting strategy can reduce a pass-through entity’s value.
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Independent contractor vs. employee – Is your business classifying workers properly?
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: The “gig economy” has affected nearly every industry and profession. From a business’s perspective, there are tax and other advantages of classifying workers as independent contractors rather than employees. But it’s important to remember that workers aren’t independent contractors simply because a company says they are. This article examines how a worker’s status is determined and explains the tax advantages of both classifications. A sidebar discusses the need for companies to consider all applicable standards, both federal and state, as part of the classification process.
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Tax Tips – Understanding the impact of earnings on Social Security benefits
September / October 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 481
Abstract: These brief tips explain how a person’s earnings can directly affect his or her Social Security benefits; detail how a business can use a reverse sales and use audit to its benefit; and explain why now may be a good time for homeowners to invest in a solar energy system.
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Year-end tax planning for mutual funds
September / October 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 609
Abstract: As the end of the year approaches, it’s a good time for individuals to review their financial situations and consider strategies for lowering their tax bills. This article examines year-end planning tips for mutual fund investors.
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Do you have foreign assets? Proper planning is necessary to avoid unintended outcomes
September / October 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 601
Abstract: Some may live by the motto, “outta sight, outta mind.” However, it’s best not to apply that line of thinking when it comes to assets. This is particularly true when accounting for foreign assets in an estate plan. This article discusses the double taxation risk involved with foreign assets and examines the benefits of using multiple wills to account for these assets.
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Switch on tax savings – Claiming the energy-efficient commercial buildings deduction
September / October 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 849
Abstract: Businesses that have invested in energy efficiency — or are considering doing so — shouldn’t overlook the Section 179D deduction for energy-efficient commercial buildings. This deduction was first added to the tax code in 2005 as a temporary incentive, but it has expired and been renewed several times over the years. Tax legislation enacted in late 2020 made the deduction permanent and provided for the maximum deduction amount to be adjusted for inflation in future years. This article details the deduction’s eligibility and qualifications and lists the specific improvements that can be deducted. A brief sidebar explores how a taxpayer can recover the deduction for a prior year.
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Tax Tips – Strategies for minimizing RMDs
July / August 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: These brief tips detail strategies for minimizing required minimum distributions from IRAs; answer the question of whether online sales from sites such as ebay are taxable; and explain that the American Rescue Plan Act extended paid sick leave and the paid family and medical leave credit.
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Merging for tax dollars
July / August 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 551
Abstract: The COVID-19 pandemic has had an enormous impact on the economy, but different types of businesses have been affected differently. As the struggles continue, many corporations have found themselves with net operating losses and other tax benefits they won’t be able to use in the foreseeable future, while others have enjoyed unusually high profit levels. This article details a merger or acquisition-based strategy where one corporation’s losses can be offset against the other company’s profits.
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Complete your estate plan by adding a power of attorney
July / August 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 549
Abstract: The main objectives of a person’s estate plan likely revolve around family, both current and future generations. A person’s goals may include reducing estate tax liability so that more wealth can be passed to loved ones. But it’s also critical to consider oneself in case of incapacity. This article examines the benefits of including a power of attorney in an estate plan.
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Parents: Reap tax benefits this year
July / August 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 915
Abstract: The American Rescue Plan Act (ARPA) offers some significant tax benefits for parents in 2021, including temporary increases in the child tax credit (CTC) and the child and dependent care credit (CDCC) for eligible families. It also allows parents to claim the credit for 17-year-olds (previously the cut-off age was 16). This article explains how the ARPA affects the CTC and CDCC. A brief sidebar explains that for 2021 only, advance CDC payments will be made directly to eligible families.
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Tax Tips – Are you eligible for energy-efficiency tax breaks?
May / June 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 433
Abstract: These brief tips explain eligibility requirements for certain energy efficiency tax breaks; detail the benefits of the Work Opportunity Tax Credit; and explore the eligibility of non-itemizer taxpayers who wish to make charitable contributions.
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In your own words – A letter of instruction complements a will
May / June 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 479
Abstract: A smart estate plan should leave no doubt as to one’s intentions. Writing a letter of instruction can go a long way toward clearly communicating all of one’s thoughts and wishes. This article explains that the letter, unlike a valid will, isn’t legally binding, but can be valuable to surviving family members.
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Out with the old? Not so fast when it comes to disposing of tax records
May / June 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 648
Abstract: During the COVID-19 pandemic, most people have spent a lot of time at home, inspiring many to clear out some of the clutter in their living spaces. Those who’ve decided to tackle the boxes, bins or drawers full of paper files that have accumulated over the years may be wondering when it’s safe to dispose of tax records. This article offers guidelines as to when it’s safe to shred tax records.
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Don’t overlook tax considerations when selling your business
May / June 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1024
Abstract: When the COVID-19 pandemic first hit, economic uncertainty caused many business owners contemplating a sale — as well as many prospective buyers — to put their plans on hold. Now that there’s some light at the end of the pandemic tunnel, interest in buying and selling businesses seems to be picking up. This article explores various tax considerations when selling a business. A sidebar examines potential state tax implications when selling a business.