IRS Proposes Implementation Guidance on ABLE Accounts
The IRS recently published proposed regulations implementing a new federal law that authorizes states to offer specially designed tax-favored ABLE accounts to people with disabilities who became disabled before age 26. Here are some key issues that the proposed guidance clarifies for state programs, designated beneficiaries and other interested parties.
Recent Supreme Court Cases That May Affect Your Business
As the U.S. Supreme Court adjourns for its summer recess, the cases about same-sex marriage and the Affordable Care Act premium tax credits have garnered most of the publicity. However, you should also be aware of some lesser-known Supreme Court decisions regarding royalties on expired patents, religious dress code and human resources policies for pregnant workers that may affect your business.
Disaster Planning: Expect the Unexpected
Along with warm temperatures, summer can bring natural disasters, including hurricanes, severe storms, floods and wildfires. Here are some reminders to help individuals and businesses mitigate their losses when disasters strike. Plus, a sidebar outlines how the IRS lends a hand to help affected taxpayers recover from disasters and provides a list of federally declared disaster areas for the first half of 2015.
Summer Construction: Are You Ready for the Housing Market to Heat Up?
Summer is historically the season for building, remodeling and selling homes. But this year, housing starts and permit applications are at their highest levels since the housing market crashed, thanks to low interest rates and strong consumer confidence. Here's the latest on residential housing market trends, including a list of the hottest residential property markets for buyers and sellers.
Rules on Deducting Business Start-Up Expenses
Taxpayers struggle with the question of when to deduct costs related to starting a business. A case demonstrates how it can be difficult to differentiate between Section 162 expenses that are deductible in the current year and Section 195 start-up costs that are deductible after the start-up commences business operations. Here's some guidance on deducting start-up expenses with confidence.
A Dozen Ways to Cut Taxes This Summer
After a brutal winter in many parts of the country, summer is finally here. While you're enjoying the warmer weather, it's still important to remain diligent about business and personal tax planning. Here are 12 hot summer tax-planning tips. Some of these ideas such as buying a boat, throwing a company picnic and entertaining top clients enable you to combine tax planning with summertime fun.
Update on Medicare Insurance Premiums and Related Tax Deductions
President Obama recently signed the Medicare and CHIP Reauthorization Act. Known as the "Doc Fix Law," this law made changes to how physicians are paid for treating Medicare patients. However, it also made changes that will result in some higher-income Medicare beneficiaries paying more in premiums starting in 2018. This article explains who will face higher costs, as well as the tax treatment and 2015 premium amounts.
Tax and Financial Benefits from Hiring Your Children
Hiring your child for the summer or longer can have many benefits. It provides young people with income and valuable experience in a tough job market. It can also generate tax savings for business owners. Depending on how your business is organized, you may be able to shift income into a lower tax bracket, save on Social Security taxes and start a retirement plan for the child. Here are the details.
Supreme Court Removes Double Tax for Maryland Residents
In a new case, the U.S. Supreme Court ruled that some Maryland residents have been double taxed on income earned in other states. Although the case deals only with Maryland, it is creating questions about the way some other states and localities tax their residents. This article provides details about the case, as well as the states and jurisdictions that might be affected by the ruling.