Tax & Business Alert
Showing 97–112 of 664 results
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Medicare premiums may lower your taxes
July 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 302
Abstract: Americans who are 65 and older qualify for basic Medicare insurance, but they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive — especially for a married couple with both spouses paying them. One aspect of paying premiums might be a positive, however: For those who are eligible, those premiums may help lower their tax bills.
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A tax break for educators gets an update
July 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 419
Abstract: When teachers are setting up their classrooms for the new school year, it’s not uncommon for them to pay for a portion of their classroom supplies out-of-pocket. A special tax provision allows them to recoup some of the cost at tax time. In light of changes brought by the Tax Cuts and Jobs Act, this special tax break for educators became even more important. And for 2022, an update has made the tax break even better. This article explains.
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Selling your business? An installment sale may yield tax benefits
July 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 530
Abstract: Individuals who plan to transfer real estate, a family business or other assets that are expected to appreciate dramatically in the future may want to consider an installment sale. This option may provide benefits, including the ability to freeze asset values for estate tax purposes and remove future appreciation from the owner’s taxable estate.
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Using alternative energy for business can bring tax benefits
July 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 538
Abstract: Business owners may be wondering whether alternative energy technologies can help them manage their business energy costs. A valuable federal income tax benefit — in the form of a business energy credit — applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy. This article provides details.
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Help prevent financial scams aimed at older people
June 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 261
Abstract: No matter the season, scam artists look for new victims, including those who would pick the pockets of older people in search of money and financial data. This article offers seven ways to help prevent elder financial abuse and fraud.
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Nonworking spouses may still contribute to an IRA
June 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 394
Abstract: Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for nonworking spouses. This article explores the details.
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How start-up costs of a new business affect your tax return
June 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 492
Abstract: Despite a seemingly endless period of COVID-19 setbacks, last year the country experienced a large increase in new businesses launched. The latest figures available from the U.S. Census Bureau (June 2020 through June 2021) show that business applications rose 18.6%. Entrepreneurs often don’t know that many of the expenses incurred by start-ups can’t be currently deducted. This article discusses how the handling of initial expenses can affect a new business owner’s federal tax bill.
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Can you deduct the costs of a self-managed portfolio?
June 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 541
Abstract: Many taxpayers incur significant investment-related expenses, which might include payment for financial service subscriptions, clerical support and home office maintenance. Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income. If they’re considered trade or business expenses, however, they are deductible. This article explains the difference between a trader and an investor. A brief sidebar describes a court case to illuminate that difference.
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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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What do IRS auditors know about your business industry?
April 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 297
Abstract: Business owners who have been audited by the IRS are likely aware that the process may be stressful. It might help to understand what IRS auditors know about the business’s industry. IRS examiners generally do research on a specific industry and on issues on a tax return in preparation for an audit. While they have a variety of resources, one tool they use to research specific industries is an Audit Technique Guide.
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Shield your life insurance from federal estate tax
April 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 450
Abstract: Individuals who have a life insurance policy probably want to ensure that the benefits their families will receive after their deaths aren’t included in their estates. That way, the benefits won’t be subject to the federal estate tax. This article discusses the ins and outs of life insurance plans and estate taxes.
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Taking casualty loss tax deductions is now harder
April 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 485
Abstract: In recent months, some Americans have been victimized by severe storms, flooding, wildfires and other disasters. No matter where someone lives, an unexpected disaster may cause damage to his or her home or personal property. Before the passage of the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But now, restrictions make it tougher to qualify for these deductions.
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Could you be hit with the Trust Fund Recovery Penalty?
April 2022
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: There’s a harsh tax penalty that business owners could have to pay personally if they own or manage a business with employees. It’s called the Trust Fund Recovery Penalty and it applies to the Social Security and income taxes required to be withheld by a business from the wages of its employees. This article looks at the risk and explains how business owners, managers and other involved parties can avoid incurring the penalty.