TXI
Showing 17–32 of 384 results
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Tax Tips – Charitable deductions: Dot the i’s and cross the t’s
March / April 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 391
Abstract: These brief tips explain the importance of substantiation requirements for charitable donations; explore why it may make sense to turn down an inheritance; and answer the question of whether student loan forgiveness is taxable.
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How to minimize tax on Social Security benefits
March / April 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 522
Abstract: There’s a common misconception that Social Security benefits are tax-free. In fact, many people pay federal tax on a portion of their benefits. Recent inflation has resulted in a record 8.7% cost-of-living adjustment to Social Security benefits for 2023. But the tax brackets used to determine how much of your benefits are taxable aren’t adjusted for inflation. This means that some Social Security recipients will see their tax bills increase this year. This article takes a look at available strategies that can minimize these taxes.
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Who are your beneficiaries? Outdated beneficiary designations can sink your estate plan
March / April 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 612
Abstract: “Nonprobate assets” are those that bypass more traditional estate planning vehicles, such as a will or revocable trust. Instead, they’re transferred to family members through beneficiary designations. Those who’ve designated beneficiaries for certain assets should review their choices periodically. This article provides best practices when reviewing beneficiary designations.
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Beware of tax surprises if you work remotely
March / April 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 912
Abstract: The COVID-19 pandemic forced many employees to participate in a global experiment on the pros and cons of remote work. As a result, it’s here to stay for many businesses. A remote workforce offers distinct benefits, for employer and employees alike. But it’s important to keep in mind the tax implications. This article details potential tax surprises — for employees and employers — that may occur as a result of working remotely. A sidebar discusses whether remote workers can deduct business expenses.
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Tax Tips – Now may be the time for a Roth conversion
January / February 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 447
Abstract: These brief tips detail why the current economic environment may be an ideal time for a Roth conversion; explain why higher interest rates may be beneficial to certain estate planning vehicles; and report on why a business should carefully respond to a sales tax nexus inquiry letter.
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Consider the use of an ILIT to avoid estate tax
January / February 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 477
Abstract: Holding a life insurance policy can provide peace of mind if a person has concerns about loved ones’ financial well-being after his or her death. Whether the person “holds” the policy or a trust holds the policy can result in different tax outcomes. In short, if one is left holding the policy at death, its proceeds will be included in his or her taxable estate and may be subject to estate taxes. This article examines the option of creating an irrevocable life insurance trust (ILIT) to hold the policy.
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Section 179D – Congress enhances tax deduction for energy-efficient buildings
January / February 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 615
Abstract: The Inflation Reduction Act (IRA) significantly enhanced the Section 179D deduction for energy-efficient commercial building improvements placed in service after 2022. Among other things, the IRA nearly tripled the maximum deduction to $5 per square foot under certain circumstances and made it easier for improvements to qualify for the deduction. The IRA also expanded eligibility for the deduction to include real estate investment trusts (REITs) as well as designers of buildings owned by nonprofit organizations, religious organizations, tribal organizations, and nonprofit schools or universities. This article details the enhancement to Sec. 179D.
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Adopting a child? Tax benefits can help defray the cost
January / February 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 967
Abstract: The process of adopting a child is expensive. Although expenses are minimal for adoptions through the foster system, the cost of adopting a child through a private agency averages around $43,000 in the United States. Fortunately, there are tax benefits that can help offset some of the costs. This article details a tax credit for qualified adoption expense and an income exclusion for employer-provided adoption assistance. A sidebar explains the rules for adopting a child with special needs.
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Tax Tips – Should you file a joint return when your spouse dies?
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: These brief tips explore whether a surviving spouse should file a joint tax return the same year the other spouse dies; reports that the Inflation Reduction Act (IRA) expanded the research credit for small businesses; and explains how the IRA extends the limit on excess business losses through 2028.
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Health care expenses: What’s deductible?
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 596
Abstract: For many people, unreimbursed medical bills and other health care costs are a significant expense, especially as they get older. Fortunately, many of these expenses are tax-deductible. This article details the types of health care expenses that are deductible. It also discusses the deductibility of self-employed health insurance costs.
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Gifts that give back – Evaluate the tax benefits of individual and trust charitable donations
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 590
Abstract: When donating to charity, a major decision one needs to make is whether to donate assets held in a trust or those that he or she holds individually. This article examines the tax consequences of making individual asset donations vs. donating trust property and details the circumstances under which donations by a trust are deductible.
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Make the most of the general business credit
November / December 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 831
Abstract: Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC). This article explains how the GBC works. A brief sidebar lists specific individual tax credits included under the GBC.
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Tax Tips – Now is a good time to check your FSA balance
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 431
Abstract: These brief tips explain why now is a good time to check one’s flexible spending account’s balance; explore how relying on IRS-issued FAQs can help avoid noncompliance regulations; and detail the benefits of opening a Roth IRA for a child.
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Can your gifting program benefit from defined-value gifts?
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: It’s no surprise that many individuals are making substantial gifts to their family members to take advantage of the current federal gift and estate tax exemption. Indeed, the 2022 exemption of $12.06 million is the highest amount it’s ever been. But absent action from Congress, the amount will drop to an inflation-adjusted $5 million in 2026. If a person’s estate consists of hard-to-value assets, making gifts of these assets can be risky. If the IRS later determines that the gifts were undervalued, gift tax (plus interest and possibly penalties) may result. This article explains why making defined-value gifts can help avoid unexpected tax liabilities.
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Year-end tax planning tips for investors
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 701
Abstract: Savvy investors know that taxes can have a big impact on their returns. And while tax considerations should generally take a back seat to sound investment strategies, consider year-end moves that can slash one’s tax bill. This article provides a few ideas to consider as the end of 2022 nears.
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Year-end tax planning for business – Flexibility can be a virtue
September / October 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 949
Abstract: For most businesses, year-end tax planning involves a delicate balancing act, and the more flexibility that’s built into the plan, the better. That’s because the tax code is in a constant state of flux, which makes it challenging to identify the most effective strategies. Tax strategies that are right for one business might be wrong for another. This article explains a few different strategies that provide planning flexibility. A sidebar discusses whether a business owner can deduct the costs of interior building improvement.