Tax & Business Alert
TBA
Showing 1–16 of 677 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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Tax Calendar
July 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 272
Abstract: This calendar notes important tax deadlines for the third quarter of 2024.
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HSAs can be powerful retirement saving tools
July 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 343
Abstract: Health Savings Accounts (HSAs) are designed as tax-advantaged savings vehicles for funding uninsured health care expenses. But if you’re in relatively good health, an HSA also can serve as an attractive retirement savings vehicle. Here’s how an HSA allows an eligible individual to pay health expenses, cut his or her federal income tax bill, and save for retirement.
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Renting to family members
July 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 431
Abstract: Owners of residential real estate may consider renting their properties to family members. As rents rise in many parts of the country, renting property at a discount to family members may seem like a good way to help relatives in need. But these arrangements can be fraught with tax perils. A misstep can lead to the loss of significant tax deductions. This article reviews the tax treatment of rentals to unrelated parties and examines how renting to family changes the rules.
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6 strategies for improving collections
July 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 502
Abstract: Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. Of course, these enterprises face many other challenges. Here are some collection tips for other types of companies.
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Independent contractors: handle with care
July 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 609
Abstract: Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. Businesses that use independent contractors should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.
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Help prevent financial scams aimed at older people
June 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 257
Abstract: No matter the season, scam artists look for new victims. They often attempt to use phone and email scams to pick the pockets of older people, trying to steal money and financial data. This article offers seven ways to help prevent elder financial abuse and fraud.
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Sending the kids to day camp may bring a tax break
June 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 351
Abstract: Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send their children to day camp may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax credits are so beneficial and how eligibility for this one is determined.
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Getting a new business off the ground
June 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 459
Abstract: Government officials monitor the number of new businesses that are launched each year. In the aftermath of the pandemic, government officials saw a large increase of businesses formed. The U.S. Census Bureau measures this by monitoring the number of businesses applying for an Employer Identification Number. This article describes how start-up expenses are handled on the relevant tax return.
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What expenses can’t be written off by your business?
June 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 558
Abstract: Business owners who look at the Internal Revenue Code for a list of deductible business expenses may be surprised to find that there isn’t a list of specific deductions. For example, the tax law doesn’t explicitly state that a business can deduct office supplies and certain other expenses. Some expenses are detailed in the code, but the general rule is contained in Section 162, which states a business can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
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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.