Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide
you with current articles on various tax and business topics. The articles are
intended to keep you up to date on trends and issues that may impact your business
and personal financial affairs. Please contact us if you have questions about any of
the issues discussed.
TAX RULES FOR GAMBLERS
This article summarizes the applicable federal income tax rules for gambling
winnings. It particularly discusses documentation requirements for winnings and
losses for professional gamblers.
TAX TIPS FOR FARMERS
For those who own a farm, this article offers nine tax tips they should know about,
addressing crop insurance, employee wages and benefits, net operating losses, farm
income averaging, and other topics.
WHAT YOU SHOULD DO WITH AN IDENTITY VERIFICATION LETTER FROM THE IRS
In its efforts to combat identity theft, the IRS is stopping suspicious tax returns
that have indications of being identity theft, but contain a real taxpayer's name
and/or Social Security number, and sending out Letter 5071C to request that the
taxpayer verify his or her identity. This article explains the procedures that a
taxpayer receiving this letter should follow.
DONATING A LIFE INSURANCE POLICY TO CHARITY
A number of charities now ask their donors to consider donating life insurance
policies rather than (or in addition to) cash in order to make substantially larger
gifts than would otherwise be possible. The advantage to donors is that they can make
a sizable gift with relatively little up-front cash, and receive a charitable
deduction. However, this article notes that, if the donation is handled incorrectly,
no deduction is allowed - so it's advisable to seek professional advice.
2015 HSA AMOUNTS
Health Savings Accounts were created as a tax-favored framework to provide health
care benefits mainly for small business owners, the self-employed, and employees of
small to medium-size companies. This article explains their tax benefits, which are
quite favorable, and also points out how they differ from insurance or Flexible
This publication is distributed with the understanding that the author, publisher and
distributor are not rendering legal, accounting or other professional advice or
opinions on specific facts or matters, and, accordingly, assume no liability
whatsoever in connection with its use. The information contained in this newsletter
was not intended or written to be used and cannot be used for the purpose of (1)
avoiding tax-related penalties prescribed by the Internal Revenue Code or (2)
promoting or marketing any tax-related matter addressed herein. © 2015