Newsletters

Using alternative energy for business can bring tax benefits
Fri, Jul 1, 2022

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.


Selling your business? An installment sale may yield tax benefits
Fri, Jul 1, 2022

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.


A tax break for educators gets an update
Fri, Jul 1, 2022

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.


Medicare premiums may lower your taxes
Fri, Jul 1, 2022

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.


Tax Calendar
Fri, Jul 1, 2022

This calendar notes important tax deadlines for the third quarter of 2022.


Can you deduct the costs of a self-managed portfolio?
Wed, Jun 1, 2022

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.


How start-up costs of a new business affect your tax return
Wed, Jun 1, 2022

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.


Nonworking spouses may still contribute to an IRA
Wed, Jun 1, 2022

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.


Help prevent financial scams aimed at older people
Wed, Jun 1, 2022

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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Archived Newsletters

May's Topics:

Hiring your minor children for summer jobs
After filing your taxes, what records can you toss?
To get an “early” refund, adjust your withholding
Sending the kids to day camp may bring a tax break

 

 

April's Topics

Could you be hit with the Trust Fund Recovery Penalty?
Taking casualty loss tax deductions is now harder
Shield your life insurance from federal estate tax
What do IRS auditors know about your business industry?
Tax Calendar

 

March's Topics:

Slim your 2021 tax bill by fattening your IRA
Hiring? You may be eligible for a valuable credit
What to do about fraudulent credit or debit card charges
Act fast and you may avoid forfeiting FSA funds

 

February's Topics:

Get more worms by filing your taxes early
3 financial lessons of the pandemic
Could you have to pay a parent’s nursing home costs?
Businesses can still deduct 100% of restaurant meals