August
Showing 1–16 of 54 results
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Using an IRA withdrawal for a qualified home purchase
August 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 313
Abstract: Taxpayers hoping to purchase a home may find themselves short of cash for a down payment or related costs. That’s where withdrawing from an IRA could come in handy. But for taxpayers who are below age 59 ½, the IRS considers that to be an “early withdrawal,” which is generally subject to a 10% tax penalty. However, exceptions apply, including one for certain home purchases. Here are the details.
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A tax break for educators
August 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 369
Abstract: Teachers who are getting their classrooms ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. This deduction improved after the Tax Cuts and Jobs Act became effective in 2018. Here’s how eligible teachers and other educators can benefit.
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Keep control over inventory at your business
August 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 481
Abstract: Inventory is expensive, so it needs to be as lean as possible without compromising revenue and customer service. This article provides some suggestions to help businesses trim the fat from inventory and some useful inventory ratios for benchmarking and evaluating their mix of products.
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Which business entity should you choose?
August 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 561
Abstract: Anyone who is starting a new business or considering changing their business entity needs to determine what will work best for them. Should they operate as a C corporation or as a pass-through entity such as a sole proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider.
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Compiling a marital balance sheet in divorce
August 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 262
Abstract: Divorce is a difficult process for everyone involved. That’s why being clear and organized when it comes to finances can help facilitate the process. The first step is generally to compile a marital balance sheet. This brief article discusses this step and what it involves.
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A possible tax quirk of being a business partner
August 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 353
Abstract: Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in the way partnerships and partners are taxed.
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Weighing the pros and cons of LTC insurance
August 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 490
Abstract: The COVID-19 pandemic and its aftermath have significantly affected our lives in many ways that are still playing out. For example, the pandemic has served as a reminder of how difficult an unexpected medical crisis may be to manage financially. This article explores the pros and cons of one potential safeguard against such risk: long-term care insurance.
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Your estate plan: Don’t forget about income tax planning
August 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 588
Abstract: As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for heirs. A sidebar briefly looks at certain exclusions or discounts.
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A family budget for your needs — today and tomorrow
August 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 245
Abstract: A good family budget should be simple yet comprehensive. As this brief article explains, this objective can be accomplished by addressing both the near term (such as day-to-day items) and the long term (such as college education and retirement).
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Too much inventory at your business? Trim the fat!
August 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 382
Abstract: Inventory is expensive, so it needs to be as lean as possible without compromising revenue and customer service. This article provides some suggestions to help businesses trim the fat from inventory and some useful inventory ratios for benchmarking and evaluating product mix.
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Should you digitize your tax and financial records?
August 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 483
Abstract: Traditionally, important tax and financial records have been stored as hard copies in desk drawers, filing cabinets and safe deposit boxes. These days, it has become increasingly popular and easy to digitize documents and store them electronically. This article explores the advantages and risks of this approach.
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When is employer-provided life insurance taxable?
August 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 546
Abstract: Employer-provided life insurance can be a great benefit, with the cost of part of it excluded from an employee’s taxable income. Participating employees need to be aware that this exclusion only applies to the first $50,000 in coverage, and the employer-paid cost of the excess will be reported on the employee’s Form W-2. This is true even if the life insurance is never received. A sidebar reveals how the value of that taxable income is determined.
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Compiling a marital balance sheet in divorce
August 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 296
Abstract: Divorce is a difficult process for almost everyone. That’s why being clear and organized can help facilitate the process. This brief article discusses how the first step is generally to compile a marital balance sheet and what that involves.
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Stress testing your investment portfolio
August 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 380
Abstract: Many banks conduct regular “stress” tests to predict the impact of adverse external events. Essentially, stress testing is the ultimate “what if” analysis. This article discusses how investors can perform stress tests on their portfolios to assess and mitigate risk.
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5 key points about bonus depreciation
August 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 498
Abstract: Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. This article presents five key points about this powerful tax-saving tool.
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Know the nuances of the nanny tax
August 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 558
Abstract: During the pandemic, many families have hired household workers. For any household worker who isn’t an independent contractor, “nanny tax” obligations may apply. This article explores the details of withholding, reporting and paying a household worker. A sidebar looks at the federal unemployment tax.