December
Showing 49–52 of 52 results
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Filing options for your final Form 1040
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 627
Abstract: A major decision for married individuals concerns whether to file a joint return for the year of death. The answer may depend on whether or not the surviving spouse remarries during the year. This article describes some of the advantages and disadvantages for joint filers to consider when filing that final return.
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Save taxes using a partial annuity exchange
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 408
Abstract: Initially, nonannuity payments (distributions received before the annuity starting date) generally consist entirely of taxable income until all of the annuity contract’s earnings have been distributed. Subsequent payments are considered to be a nontaxable return of basis. Because of this issue, when an annuity owner must take a nonannuity distribution, the tax impact can be onerous. But, as this article explains, Internal Revenue Code Section 1035 can, in some cases, provide a federal tax-free mechanism to exchange one annuity contract for another annuity contract.
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Home sale gain exclusion restrictions for second homes
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 558
Abstract: Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the ownership and use tests for the exclusion were satisfied. However, the Housing Act changed the method for recognizing post-2008 gain on the sale of a principal residence formerly used as a vacation or second home. This article offers a couple of examples of how it works.
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Maximizing the deduction for start-up expenses
December 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 245
Abstract: Individuals starting a new business or acquiring the assets of an existing business often incur start-up expenses, which can be considerable, in the investigation and acquisition phase before actual business operations begin. This article explains the circumstances in which those expenses can be deducted.