Tax Impact
Showing 385–392 of 392 results
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Tax Tips
March / April 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 629
Abstract: News items briefly discussed are Health Savings Accounts, trading life insurance for cash, contractor vs. employee relationships, and the importance of an estate contingency plan.
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529 plans – A college savings strategy that makes the grade
March / April 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 583
Abstract: As the cost of a college education continues to soar, it’s more important than ever to design an investment strategy that prepares your family for this major expense. The 529 plan has now emerged as perhaps the most powerful tool for financing higher education costs. This article focuses on the tax advantages of 529 plans.
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The ins and outs of inherited retirement plans
March / April 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 813
Abstract: Retirement plan withdrawals are generally subject to income tax. So if your estate includes substantial sums in such plans, understanding the tax implications for your beneficiaries can help you plan accordingly. Planning is particularly important if you’ve designated someone other than your spouse as the beneficiary of your 401(k) or similar retirement plan (or you’re the nonspouse beneficiary). The tax code permits nonspouses to stretch plan distributions — and the resulting taxes — out over their own life expectancies through a “nonspousal rollover,” but not all plans offer this option. This article looks at the minimum distribution rules and post-death distributions associated with inheriting a loved one’s retirement plan.
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Don’t get tripped up by travel expense rules
March / April 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1250
Abstract: For many companies and their employees, business travel is a way of life. Although deducting travel expenses may seem like a routine business practice, the rules are complex — and a wrong turn can have significant tax consequences. Many companies reimburse workers or provide advances for their travel expenses. The IRS tends to scrutinize expense reimbursement plans, so it’s a good idea to periodically review an “accountable plan” to ensure it still qualifies as such. This article reviews which travel expenses are deductible and to what extent.
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Tax Tips
January / February 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 532
Abstract: News items briefly discussed are the IRS’s random audit program, lodging expenses, out-of-state purchases, and what to do when the IRS or a state taxing authority informs a taxpayer of a discrepancy or mistake in a tax return.
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5 post-year-end tax strategies to reduce your 2007 tax bill
January / February 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 561
Abstract: Now that you’ve “closed the books” on the 2007 tax year, you may think you’re finished tax planning for it. But there’s still time for you to implement these five post-year-end strategies that can reduce your 2007 tax bill. This article suggests making an IRA contribution, checking receipts, simplifying your retirement plan, reviewing losses and taking the expensing election.
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Bulletproofing your FLP
January / February 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1208
Abstract: During the last decade, family limited partnerships (FLPs) have come under increasingly intense fire from the IRS. But that doesn’t mean they’ve lost any of their muscle as an estate- and succession-planning tool. What it does mean is that the IRS may attempt to shoot down an FLP it believes is nothing more than a tax-avoidance scheme. This article explores how to create an FLP that’s bulletproof — or at least bullet resistant.
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Seal your exit strategy with an ESOP
January / February 2008
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 870
Abstract: Many successful business owners have a substantial portion of their net worths tied up in their companies. Even if one plans to stay actively involved in a company for many years, it’s important to have an exit strategy that addresses when to convert business interests into cash for investment diversification purposes. Designing an exit strategy can be challenging — especially if a business is closely held or the company’s stock is thinly traded. How can a business owner cash out without selling the company to an outsider or giving up control? This article suggests one way: Implement an Employee Stock Ownership Plan (ESOP), which creates a market for stock and offers tax savings and other benefits to the company as well as its owners and employees.