May
Showing 1–16 of 56 results
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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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To get an “early” refund, adjust your withholding
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 403
Abstract: Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In fact, it’s similar to giving the government an interest-free loan for nearly a year. Fortunately, there’s a way taxpayers can begin collecting their 2024 tax refunds now, by reviewing their withholding and estimated payments, and getting the money in their pockets during the year, instead of in a refund the following year.
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3 ways your business can uncover cost cuts
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 490
Abstract: Every business wants to cut costs, but it sure isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and overhead — often aren’t viable options because the very stability of the operation may depend on them. But there might be other ways to lower expenses if a business owner digs deeply enough. Here are three ways to perhaps uncover some cost-cutting opportunities.
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The advantages of hiring your minor children for summer jobs
May 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 565
Abstract: Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and learn how to manage money. A sidebar notes that earned income can also help young workers get an early start on funding a retirement plan.
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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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Business bartering is taxable
May 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 385
Abstract: During these times of high inflation, many cash-challenged businesses have bartered for goods and services instead of paying dollars for them. Companies that get involved in such transactions need to keep in mind that the fair market value of goods they receive is taxable income. And if a business exchanges services with another business, the transaction results in taxable income for both parties.
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3 things to know after filing your tax return
May 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 514
Abstract: Most people feel a sense of relief after filing their tax returns each year. But even those who’ve successfully filed their 2022 returns with the IRS should still keep some issues in mind. This article discusses three considerations: checking on a refund, filing an amended return and retaining records.
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Bolster wealth management with trusts
May 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 563
Abstract: Trusts can help affluent individuals and families manage, protect and grow their wealth. But there are a wide variety to choose from, so it’s important to understand the basic concepts behind trusts before choosing one. This article defines trusts and provides an example of how one popular trust type works. A sidebar looks at another example: intentionally defective grantor trusts.
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Sending the kids to day camp may bring a tax break
May 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 262
Abstract: Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send a child to day camp may qualify for a valuable tax break: that is, the child and dependent care credit. This article explains why tax credits are so valuable and how eligibility for this one is determined.
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To get an “early” refund, adjust your withholding
May 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 388
Abstract: Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to make changes.
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After filing your taxes, what records can you toss?
May 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 482
Abstract: Taxpayers who have filed their 2021 tax returns may be eager to start clearing out some tax-related paper clutter. Paring down is a good idea, as long as essential records that may be needed in the event of an IRS audit are kept. Some documents may help with collecting a future refund or assist taxpayers with filing next year. This article provides an outline of the documents that should be kept — for how long — and the papers that can be thrown away.
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Hiring your minor children for summer jobs
May 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 557
Abstract: Business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While owners save on payroll taxes and lower some costs, the kids also benefit. They can gain on-the-job experience, learn practical skills and at the same time learn how to manage money. A sidebar notes that earned income can help young workers get an early start on funding a retirement plan.
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Appreciating the helpful balance of bonds
May 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 276
Abstract: Stock market swings may bring both fortune and fear, so investors shouldn’t forget about the helpful balance of bonds. This brief article discusses several popular options, including U.S. government savings bonds and corporate bonds.
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The tax treatment of start-up expenses
May 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 390
Abstract: With the economy expected to improve in the months or quarters ahead, many business owners and entrepreneurs may decide to launch new enterprises. This article discusses the general rules and applicable expenses related to the tax treatment of start-ups.
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3 things to know after filing your tax return
May 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 495
Abstract: Most people feel a sense of relief after filing their tax returns. But even if you’ve successfully filed your 2020 return with the IRS, there may still be some issues to bear in mind. This article discusses three considerations: checking on a refund, filing an amended return and retaining records.
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Bolster wealth management with trusts
May 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 552
Abstract: Trusts can help affluent individuals and families manage, protect and grow their wealth. But there are a wide variety to choose from, so it’s important to understand the basic concepts behind trusts before choosing one. This article defines trusts and provides an example of how one popular trust type works. A sidebar looks at another example: intentionally defective grantor trusts.