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The “nanny tax” must be paid for nannies and other household workers
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: Many taxpayers employ household workers such as a cleaners or nannies who aren’t independent contractors. These employers may be required to withhold from their workers’ wages and pay Social Security and Medicare taxes, and possibly other taxes. This short article gives a rundown of what the employer of a household worker needs to know to withhold taxes, what taxes the employer is responsible for and how to report the taxes.
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Vehicle expenses: Can individual taxpayers deduct them?
May 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also may be able to deduct them in certain circumstances. Under current law, the deduction is less than it was years ago, although due to the high price of gas, the IRS has raised the amount per mile that is deductible.
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Estate Planning Pitfall – Your charitable gifts are unrestricted
June / July 2020
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: Charitably inclined individuals generally know that there are no absolute guarantees that the funds they donate will be used to further a charity’s mission. Fortunately, however, there are steps to take to preserve their charitable legacies. This brief article explains the benefits of placing restrictions on gifts at the time of the donation.
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Estate Planning Pitfall – You’re transferring your home to your children
August / September 2016
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: Frequently, parents choose to transfer ownership of a home to their adult children to remove it from their taxable estates. There are many good reasons to do this, but the road is paved with tax potholes. This brief article explains the estate and income tax implications of transferring a home to a child.
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Estate Planning Pitfall – You’re blindsided by tax on intrafamily loans
June / July 2016
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: What’s worse than being taxed on income received? Having to pay tax on income never actually collected. That can happen if a family member borrows money from another loved one (an intrafamily loan) on an interest-free basis. In this situation, the lender may owe tax on “phantom income.” This brief article explains how to avoid this outcome.
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Moneylines: News briefs for businesses
April / May 2015
Newsletter: Trendlines
Price: $225.00, Subscriber Price: $157.50
Word count: 258
Abstract: This issue’s “Moneylines” notes the latest IRS mileage rates for business tax purposes, the results of an international risk survey for 2015 warning of common threats to U.S. businesses, and an intriguing 2014 survey that indicates the existence of a “creativity gap” between employees’ creativity and their ability to be creative on the job.