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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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The CARES Act provides some retirement plan flexibility
Fall 2020
Newsletter: Management & Tax Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: Many Americans plan carefully to save enough money for a comfortable retirement. But events outside of your control can affect your retirement plans. For example, economic hardship might force some savers to withdraw funds from their retirement nest eggs this year. The CARES Act, signed into law in March, may provide some relief to such individuals. A sidebar notes that it also provides relief for student loan borrowers and homeowners.
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Getting 20-somethings to jump-start their retirement savings
March / April 2013
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: While it may be difficult to get young people to focus on a retirement that may be 40 years or more away, those who get an early start on saving will be much better prepared to handle future financial challenges. This article illustrates the importance of teaching kids the importance of 401(k) plans and the power of compounding over a period of decades. A sidebar examines whether it’s better to save first or pay down student loans first.
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The IRS is watching — How contractors can cope with employee misclassification
September / October 2012
Newsletter: Contractor
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: Contractors who misclassify a bona fide employee as an independent contractor could suffer a number of costly fates. However, if they do inadvertently fall afoul of the rules, there is now a way to potentially mitigate the damage. This article lists the three primary categories of criteria the IRS looks at when determining whether a worker is properly classified, and how contractors who accidentally violate the rules can seek to lessen penalties through the IRS’s Voluntary Classification Settlement Program. A sidebar offers four ways to avoid misclassifying workers.
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What’s the true cost of your labor? — Think it through before adding or subtracting
July / August 2012
Newsletter: Contractor
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: Before either adding or subtracting employees, it’s important for construction companies to determine the true cost of each worker. Contractors need to look at expenses beyond just salary. And they need to bear in mind that there are costs in terminating employees as well as alternatives to hiring — such as engaging independent contractors instead of taking on more staff (though it’s important to abide by IRS rules). A sidebar lists the variety of payroll taxes an employer must keep track of.
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A question of relevance – Calculating lost prospective profits
January / February 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: Establishing lost profits for businesses that were never actually operational can prove difficult. In Parlour Enterprises Inc. v. The Kirin Group, a California appellate court weighed in on the key factors to consider when calculating prospective profits in such cases. As this article explains, the court’s decision emphasizes the need to hire qualified valuators who can build a case with reasonable certainty by using, for example, expert testimony, financial data and market surveys.