Tax and Business Alert - August 2015



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.

THE IMPORTANCE OF UPDATING BENEFICIARY DESIGNATIONS
This article looks at a Supreme Court case involving a beneficiary designation. When a man divorced his wife, she waived her rights to benefits under his employer- sponsored retirement plans. However, he never got around to changing his beneficiary designation form with his employer. Accordingly, after his death, the money went to her instead of his estate, in spite of the divorce decree. Read more...

SELECTING THE APPROPRIATE ENTITY FOR YOUR BUSINESS
A principal consideration for any business, whether new or existing, is choosing an appropriate legal entity. This article looks at the variety of options available, each with its various advantages and disadvantages. A variety of issues should be considered, for each entity selection situation is unique. Read more...

TIPS FOR DEDUCTING LOSSES FROM A DISASTER
Damage to one's home or personal property may be deductible on the federal income tax return. This article offers some things to know about deducting casualty losses. Read more...

THE MANY BENEFITS OF A HEALTH SAVINGS ACCOUNT (HSA)
A Health Savings Account represents an opportunity for eligible individuals to lower their out-of-pocket health care costs and federal tax bill. This article describes how an HSA works, who is eligible, and how it compares with a Flexible Spending Account. Read more...

DOUBLE DUTY GIVING WITH CHARITABLE GIFT ANNUITIES
A charitable gift annuity can combine the benefits of an immediate income tax deduction and a lifetime income stream. Also, this article notes that one's future taxable estate will be reduced for the remainder value of the property transferred to the charity. Read more...

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