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.
WHY YOUR HEALTH INSURANCE COMPANY MAY ASK FOR YOUR SOCIAL SECURITY NUMBER
Health insurance companies may request that their policyholders provide their Social
Security Number, their spouse's number, and those of children covered by the policy.
This article explains that the companies must report this information to the IRS,
which needs it to verify information on one's individual income tax return. The
article also describes how policyholders should respond to their company's request so
as to avoid liability for the Affordable Care Act's individual shared responsibility
SORTING OUT EMPLOYER SHARED RESPONSIBILITY PROVISIONS THAT APPLY TO YOUR BUSINESS
The Affordable Care Act contains specific responsibilities for employers, but the
size and structure of their workforce - small, large, or part of a group - help
determine what applies. This article discusses some of the obligations that different
employers face - particularly those who are considered an Applicable Large Employer
HOW WORKING IMPACTS SOCIAL SECURITY BENEFITS
A variety of considerations enter into the decision regarding when it's best to begin
collecting Social Security benefits. This article examines one such consideration:
the amount that benefits will be reduced if one is still working yet starts to
collect before their Social Security-designated full retirement age.
TAX ADVANTAGES OF SMALL BUSINESS STOCK
A taxpayer who realizes large capital losses - but no capital gains - on sales of
corporate stock owned personally will find that the tax benefit from the capital
losses may have to be spread over many years in the future. However, Section 1244 is
a tax provision that allows one to treat losses incurred from the sale of qualified
corporate stock as an ordinary (rather than capital) loss. That's beneficial because
an ordinary loss offsets ordinary income. This article explains Section 1244 stock
and what a stock must do to qualify.
TIPS ON THE TAX EFFECTS OF DIVORCE OR SEPARATION
Income tax may be the last thing on one's mind after a divorce or separation.
However, these events can have a big impact on taxes. This article offers some key
tax tips to keep in mind in the event of divorce or separation.
JOB SEARCH EXPENSES MAY BE DEDUCTIBLE
Those who are looking for a new job may incur some expenses along the way that may be
deductible. This article describes some of them.
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