2024
Showing 1–16 of 147 results
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Medicare premiums may lead to tax savings
September 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 264
Abstract: Do you pay premiums for Medicare health insurance? You may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover.
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Home sale: Failure to plan may raise your tax bill
September 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 386
Abstract: Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning. Here’s an example of how a homeowner selling a personal residence can make the most of applicable tax law.
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Business succession and estate planning should be inseparable
September 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 509
Abstract: A business owner’s most valuable asset is likely to be his or her company. Thus, addressing it in an estate plan is critical in case, for example, the owner dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a smooth transition of the business to the owner’s children or other family members.
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Are you aware of the business credits available?
September 2024
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 563
Abstract: It’s a challenging time to grow a business. So, any help a business owner can get in the form of tax credits, tax exemptions and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. This article explains two types of tax incentives: statutory and discretionary. A brief sidebar explores the availability of states’ sales tax exemptions.
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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.