LISI Income Tax Planning Newsletter #159 (October 29, 2018) – Notes from the 77th Annual NYU Federal Institute of Taxation, Days 1-3
LISIVandenackPDF10_29_2018 LISI Income Tax Planning Newsletter #159 (October 29, 2018) at http://www.leimbergservices.com. Copyright 2018 Leimberg Information Services, Inc. (LISI). Reproduction in Any Form or Forwarding to Any Person Prohibited – Without Express Permission. Read More
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Hiring Your Children to Generate Additional Tax Savings
As the owner of a family business, you may gain more than just personal satisfaction from hiring your children. Hiring your child to work for you can, in some circumstances, can lead to significant tax savings. This article will briefly describe some of the tax advantages that may be available if a child works in the family business. Income Shifting The most obvious tax advantage from hiring...Read More
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2013 Year End Tax Planning
MEV-metro-Article-2013-Year-End-Tax-Planning-00270652 metroMAGAZINE, November 2013 Read More
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Strategies for Minimizing the Cost of the 2013 Medicare Tax
BACKGROUND Tax Prior to the Health Care Act. Prior to the 2010 Health Care Act, wages were subject to FICA at the rate of 6.2% on the employer and 6.2% on the employee (although the employee rate was reduced to 4.2% in 2011 and 2012) up to a threshold amount of wages ($110,100 in 2012). The Medicare tax was imposed at the rate of 1.45% on both the employer and the employee with all wages being...Read More
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Tax Consequences for Employer-Owned Life Insurance
Many companies take out life insurance policies on the lives of their employees. Often the purpose of these policies is to provide a financing mechanism for otherwise expensive employee benefits, such as a deferred compensation package for the founding shareholder or CEO. Other times the policy operates as resource companies can tap to satisfy an obligation to buyout the shares of deceased or...Read More
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2007 Tax Thoughts
As 2007 comes to a close, it’s important to review what changes may affect retirement plans or individual retirement planning. The Pension Protection Act of 2006 (“PPA”) provided several tools to ease the tax burden on taxpayers. The following are some of the highlights. One provision allows for taxpayers at least 70 ½ years old to make charitable donations of up to $100,000...Read More
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