February 2018 Tax & Business Alert

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TAKE A LOOK AT THE DOMESTIC PRODUCTION ACTIVITIES DEDUCTION

The domestic production activities deduction provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook it because they believe the tax break applies only to a few industries. This article points out that the deduction remains available to a wide range of businesses for the 2017 tax year and delves into some industry-specific details. A sidebar discusses IRS guidance on the W-2 wage limitation to taxpayers with a short taxable year as it applies to the domestic production activities deduction. 2017 is the final year that the Domestic Production Activities Deduction is available to businesses.

MAKING 2017 RETIREMENT PLAN CONTRIBUTIONS IN 2018

The clock is ticking down to the tax filing deadline. The good news is that individuals may still be able to save on their impending 2017 tax bills by making contributions to certain retirement plans. This article looks at deadlines, limits and phaseout ranges for traditional and Roth IRAs, while also noting some important info about SEPs.

DO YOU KNOW THE TAX IMPACT OF YOUR COLLECTIBLES?

They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. This article touches on some of the important points regarding how the sale or donation of collectibles could affect one’s 2017 tax return.

WHEN AN ELDERLY PARENT MIGHT QUALIFY AS YOUR DEPENDENT

It’s not uncommon for adult children to help support their aging parents. Those in this position might qualify for an adult-dependent exemption on their 2017 tax returns. This article explores the basic qualifications and some important factors related to this tax break.

January 2018 Tax & Business Alert

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STILL IMPORTANT: THE TAX IMPACT OF BUSINESS TRAVEL

With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But many companies still send employees out on the road. This article describes important concepts related to travel, such as travel expenses as a fringe benefit, establishing an accountable plan and qualifying for business travel status.

 

HELP PREVENT TAX IDENTITY THEFT BY FILING EARLY

Many people might not start thinking about filing a tax return until close to this year’s April 17 deadline. But there’s another date to keep in mind: the day the IRS begins accepting 2017 returns in 2018. As this article explains, filing as close to this date as possible could protect a taxpayer from identity theft.

 

OWNER-EMPLOYEES NEED TO STAY UP TO SPEED ON EMPLOYMENT TAXES

Keeping up with the complexity of the Internal Revenue Code is challenging enough for employed individuals. But for owner-employees, the difficulty level is particularly high. This article explains how your business structure determines the rules you must abide by.

 

4 FINANCIAL PLANNING TIPS FOR SECOND MARRIAGES

Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. This brief article offers four tips to help such partners better manage the situation.

 

TAX CALENDAR

This calendar notes important tax deadlines for the first quarter of 2018.

 

December 2017 Tax & Business Alert

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EDUCATE EMPLOYEES ON REQUIRED MINIMUM DISTRIBUTION RULES

Businesses with employees headed for retirement can provide a helpful service by educating these workers on rules regarding required minimum distributions (RMDs). If violated, these rules could trigger hefty penalties. This article explains RMD requirements for IRAs and 401(k)s. A sidebar looks at other RMD issues, such as beneficiary spouses and form of distribution.

DAPTS OFFER A HOMEGROWN APPROACH TO ASSET PROTECTION

The most effective way to protect assets from future creditors is to transfer them to children or other family members with no strings attached. But, understandably, many wealthier individuals want to retain some control over their wealth. This article looks at one potential option of doing so: creating a domestic asset protection trust.

5 COMMON MISTAKES WHEN APPLYING FOR FINANCIAL AID

Given the astronomical cost of college, even well-off parents should consider applying for financial aid. A single misstep, however, can harm a child’s eligibility. This article looks at five common mistakes.

ENSURING YOUR YEAR-END DONATIONS ARE TAX DEDUCTIBLE

Many people decide to make donations at the end of the year. When doing so, it’s important to know the rules about whether such contributions will be considered tax deductible for 2017. This brief article discusses two important concepts: delivery dates and qualified charities.

November 2017 Tax & Business Alert

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HANDLE WITH CARE: MUTUAL FUNDS AND TAXES

Many people overlook tax considerations when planning their mutual fund investments. This article offers some tax-savvy tips, including avoiding year-end investments and watching out for reinvested distributions. A sidebar explains why tax-inefficient funds should be directed to nontaxable accounts.

 

BAD DEBTS AREN’T ALWAYS BAD NEWS

No business owner goes out of his or her way to acquire a bad debt. But they’re not always bad news. This article discusses how a company may be able to write off the uncollectible amount for tax purposes.

 

PONDERING THE PURCHASE OF A LIFE INSURANCE POLICY

What, if any, role life insurance should play in one’s financial plan depends on a variety of factors. This article examines some of those factors, including whether a person has dependents and his or her net worth.

 

ARE FREQUENT FLYER MILES EVER TAXABLE?

Many people who accumulate frequent flyer miles assume that these valuable rewards aren’t taxable. This brief article explores the validity of this assumption.