Focus
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Showing 1–16 of 397 results
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Take credit for business building renovations
February / March 2024
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 470
Abstract: Businesses making specific accommodations for disabled individuals may qualify for a sizable tax credit. In fact, the disabled access credit may essentially cut the costs of some renovations in half. This article offers a look at the basics of how the credit works. The article also notes that the modifications don’t have to be for the exclusive benefit of disabled individuals — the improvements can also help out others.
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Making distinctions may create tax savings for owners of rental real estate
February / March 2024
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 655
Abstract: The 20% qualified business income (QBI) deduction is available for income from an eligible trade or business, but it isn’t available if that same property is classified as an investment. This article points out that it’s worth considering whether an owned rental property meets the definition of a trade or business under IRS requirements. It also explains that determining whether rental real estate activities qualify for the QBI deduction is a complicated undertaking and is likely to require the services of a tax professional.
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How to manage cloud costs
February / March 2024
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 668
Abstract: Many businesses are surprised by the bills they receive for their cloud usage. This article suggests some steps a business can take to help its organization control its cloud spending and get a handle on cloud operations, costs and value — including setting a budget for and tracking cloud usage, and applying procurement controls. The article notes that regularly fine-tuning cloud management efforts will help a business use its cloud resources efficiently and effectively.
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Will you vote for tax savings? Tax return elections that can save you money
February / March 2024
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: Individuals and small business owners need to make several important “elections” on their 2023 tax returns. This article looks at some potentially beneficial tax decisions, including whether to itemize and whether to deduct investment interest income. It suggests that many of these moves may lead to tax savings if found to be applicable to a taxpayer’s specific circumstances. A sidebar discusses the ins and outs of using SALT deductions.
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How to increase flexibility when using Flexible Spending Accounts
Year End 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 492
Abstract: A Flexible Spending Account (FSA) can be used to pay health care or dependent care expenses. Typically, those who have an FSA account have to empty it before the end of the year or forfeit any remaining funds. But as this article highlights, employers may provide one of two ways, either a “grace period” or a “carryover of funds,” to avoid this “use-it-or-lose-it” rule.
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Prevent disaster with homeowners insurance
Year End 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 579
Abstract: While risks of hurricanes, wildfires, robberies and floods vary somewhat according to location, it’s important to have a homeowners insurance policy that will cover any eventuality. There are many different types of homeowners insurance to fit various situations. Many policies also offer some coverage for the costs incurred to pay for living somewhere else while a home is being repaired after being damaged. This article takes a look at some of the ins and outs.
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Will the Corporate Transparency Act affect your business?
Year End 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 676
Abstract: Businesses soon may need to meet a new reporting requirement mandated by the Corporate Transparency Act (CTA) and scheduled to take effect January 1, 2024. The CTA requires many companies to report beneficial owner information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This article explains that the information reported is intended help prevent criminals, such as human and drug traffickers, from using anonymous shell companies to hide illicit proceeds.
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Push or pull? Coordinating your year-end tax moves
Year End 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 901
Abstract: Despite some recent tax law changes, the year-end tax strategy of pushing income into 2024 to defer the tax normally due while at the same time pulling expenses into 2023 to offset a current tax liability still can make sense if tax rates are stagnant. This article offers several examples. A sidebar discusses what tax strategies make sense in regard to self-employment income.
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Substantiating business expenses: A primer
October / November 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 473
Abstract: Businesses can generally deduct their “ordinary and necessary” business expenses. But even a legitimate expense isn’t deductible unless it’s adequately substantiated. This article explains that, typically, substantiation requires proof of payment and evidence showing the character and deductibility of the expenditure. It notes, though, that if a business is unable to fully substantiate an expense, the courts have some leeway to approximate deduction amounts, provided the business presents sufficient evidence to support an estimate.
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Are college scholarships and grants taxable?
October / November 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 617
Abstract: With students headed back to campus, college finances are on the minds of many parents. This includes parents of students who have received scholarships and grants. Obviously, these funds help relieve some of the burden of paying for college. But many parents might be wondering whether they’re taxable. This article highlights a number of different factors that may determine the answer to that question, including whether the scholarship or grant funds are being used to pay for qualified education expenses or for optional expenses.
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Revenue strategies – How to maintain cash flow in a volatile economy
October / November 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 710
Abstract: Most business owners know that sustaining a steady cash flow through the ups and downs of economic cycles is key to a business’s long-term success. But when they’re coping with an unpredictable economy and the many complexities of running a business, it’s easy for business owners to forget — or diminish — the importance of maintaining strong cash flow. This article reviews the cash flow cycles, including sales and disbursements, and notes the importance of incorporating data-tracking software into businesses’ accounting systems.
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Approaching age 65? Watch out for Medicare pitfalls
October / November 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 889
Abstract: Americans who plan to work beyond the traditional retirement age of 65 need to begin planning for Medicare early to avoid costly pitfalls. Planning is particularly critical if their employers offer Health Savings Accounts (HSAs). This article explains the basics of how Medicare works and lists several issues to be aware of, including late enrollment penalties and loss of HSA deductions. A sidebar discusses the potential pitfalls of the six-month lookback period.
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Two emergency options for retirement plan participants
August / September 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 612
Abstract: Qualified plans such as 401(k)s are meant to help individuals save for retirement in a tax-advantaged manner. But, under dire circumstances, it may become necessary to tap into the nest egg early. This article explains that while doing so may result in additional income tax liability and penalties, the SECURE 2.0 Act, which was signed into law in late 2022, provides not one, but two options for people who find themselves in an emergency situation.
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Give employees a head start – Look at starter 401(k) plans and other retirement savings options
August / September 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 569
Abstract: The recent SECURE Act 2.0 has created a provision establishing the “starter 401(k) plan.” This article explains that the starter 401(k) plan is designed to be easier and less expensive to launch and administer than a traditional 401(k) plan. It summarizes how starter 401(k) plans work and notes that employers can begin offering them for plan years starting after December 31, 2023. It also highlights several other SECURE 2.0 provisions that can help employers offer retirement plans to employees.
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Making a change: Choosing a new successor for your family business
August / September 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 683
Abstract: Deciding on the right person to take over the reins of a family business can be a difficult job. And the decision may be even more complex when one or more of the candidates come from within the family itself. If a business owner has a certain person in mind but, for various reasons, that chosen successor gradually, or sometimes suddenly, fades as the optimal choice, this article explains that it’s usually best to handle the matter with great care. This article suggests several strategies for ensuring a smooth and successful succession.
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Retirement planning – Is a QCD right for you?
August / September 2023
Newsletter: Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 980
Abstract: Those 70½ years old or older may benefit tax-wise by transferring qualified charitable distributions (QCDs) directly from their IRAs to qualified charitable organizations. This article points out that a QCD counts as a required minimum distribution (RMD) for tax purposes without resulting in tax liability. The article looks at the ins and outs of using QCDs, while a sidebar offers a detailed list of the new QCD rule changes under SECURE Act 2.0.