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Do not give out personal information over the phone, through the mail or over the Internet unless you have initiated the contact or know with whom you are dealing. Shred all discarded documents, including bank statements, pre-approves credit card offers, insurance forms and other documents that contain financial information. Do not use your mother’s maiden […]
One of the shortest sections of the federal Tax Code is Section 61. It defines gross income as “all income from whatever source derived.” But don’t take this literally. There are many kinds of income that are not taxable. Types of income that you don’t pay federal income tax on: Gain on the sale of […]
Recordkeeping Alert As a result of Tax Reform, recordkeeping is now necessary in some areas that never required records before. Crucial: Keep flawless records. IRA contributions. For most people, the new rules have cut out deductible Individual Retirement Account contributions. If you or your spouse has a company pension plan and your Adjusted Gross Income […]
A favorite tax-planning tactic is to have a minor child work for the family-owned business. Income earned by the child is taxed at the child’s tax rate, which is likely to be much lower than the parents’ rate. In addition, the company gets a deduction for the child’s salary. A dramatic taxpayer victory* shows just […]
Leasing Assets To Your Own Corporation The fact that the corporate form is selected as the basic means of conducting a business enterprise does not mean that all of the physical components of the enterprise need to be owned by the corporation. Indeed, there may be legal, tax, and personal financial planning reasons for not […]
The Darlings of Tax Reform Since Tax Reform policies went into effect, the insurance industry’s deferred annuities have become on of the most attractive investment products around. Deferred annuities can serve as an alternative for individuals whose incentive to continue to make IRA contributions was greatly weakened by Tax Reform. Although contributions to a deferred […]
You’ve probably heard a lot about how the accurate use of modifiers can increase your income. Fortunately, it takes only a few minutes for you and your staff to learn how to use these valuable coding tools. To prompt yourself to use modifiers, when appropriate, alter your encounter form by adding a column next to […]
A seven-year-old child received a $30,000 court award for personal injuries. The award will be invested on the child’s behalf. How will it be taxed? A court’s award of damages as compensation for personal injuries is tax-free when received. However, when the award if invested, the income it produces is taxed under normal rules. In […]
Vacation Costs As A Business Expense Tax Reform has cracked down on many travel-related deductions. But there are still deductions you can take for travel, and you should not miss those that still apply. Traveling for Business Travel expenses. You can fully deduct the cost of getting to and from your destination on a trip […]
Business-Meal Loopholes The Tax Reform Act of 1986 put tough limits on deductions for business meals and entertainment. Only 50% of these expenses is deductible. The limit applies to food, beverages, taxes, tips, tickets, cover charges, and whatever else you spend for business purposes on eating out and entertainment. All are just 50% deductible. Even […]
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