<![CDATA[MBAF - Newsletters - Tax Impact]]> <![CDATA[Tax Impact - January/February 2012 Edition]]> Beginning in 2013, higher-income taxpayers are scheduled to be subject to additional Medicare taxes, including a 3.8% tax on investment income. And S corporations need to ensure that the salaries of their shareholder-employees are reasonable to avoid IRS penalties.

MBAF is pleased to present the January/February 2012 issue of Tax Impact. In it, we discuss these and other topics related to improving your financial situation and reducing your tax bite. Specifically, we discuss three essential estate planning strategies that shouldn’t be ignored. In addition, we offer tips regarding the early-withdrawal penalty for retirement plan distributions; the investment advantages of a charitable remainder trust; and buying or selling a business via an installment sale.

To view a PDF of this newsletter with full articles, please visit our website by clicking
Tax Impact - January/February 2012 Edition

Our firm excels at effective tax-saving strategies. We welcome your questions or comments about the topics discussed or others related to financial and tax matters. Please call us at 1-800-239-1474 and let us know how we can be of assistance.

We look forward to hearing from you and helping you with tax matters.

Sincerely,

Miguel Farra
]]> <![CDATA[Tax Impact - November/December 2011 Edition]]> MBAF is pleased to present the November/December 2011 issue of Tax Impact. We encourage you to read through it for ideas about ways you can reduce your individual or business tax bite.

In this issue we explain that, if you receive financial relief, you need to watch out for taxes you may owe on cancellation-of-debt (COD) income. We show how jointly owning property with children can result in unintended consequences. We discuss why, when moving money into and out of your company, it's advantageous for you to characterize the transactions as loans. And we offer several tax tips regarding gift tax returns, business travel expenses, and charitable deductions.

To view a PDF of this newsletter with full articles, please visit our website by clicking
Tax Impact - November/December 2011 Edition

Our firm excels at addressing financial and strategic issues. We would welcome your questions or comments about the topics discussed or others related to reducing income and business taxes, preserving estates and more. Please call us at 1-800-239-1474 and let us know how we can be of assistance.

We look forward to hearing from you and helping you meet your financial objectives.

Sincerely,

Miguel Farra
]]> <![CDATA[Tax Impact - September/October 2011 Edition]]> Do you know how lending money to loved ones can be a tax-smart strategy for transferring wealth to family members? Or are you aware of a remarkable tax break that might be beneficial for you — if you act by the end of the year?

MBAF is pleased to present the September/October 2011 issue of Tax Impact. In it, we discuss:

  • The benefits of making an intrafamily loan in today’s low-interest-rate environment, along with some risks,
  • How investing in qualified small business stock (QSBS) offers the prospect of tax-free gains, but also involves many complexities,
  • Tax deferral opportunities inherent in a Section 1031 (“like-kind”) exchange, and five potential traps investors should be wary of, and
  • IRS rulings regarding deferral of gift-card income; “red flags” that may trigger an IRS audit; and why municipal bonds touted as “tax-free” might not necessarily be so.

To view a PDF of this newsletter with full articles, please visit our website by clicking
Tax Impact - September/October 2011 Edition

The ideas we discuss in Tax Impact are relevant to your success, and we welcome your questions or comments. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to call us at 1-800-239-1474 to discuss your needs. MBAF would be glad to assist you in any way we can.
 
Sincerely,  
 
Miguel Farra
]]> <![CDATA[Tax Impact - July/August 2011 Edition]]> Dear clients and friends:
 
In an uncertain economy, you may want to hunker down and hold tight, but that could be the wrong strategy. With recent changes in tax laws, now is a good time to review your tax situation.
 

MBAF is pleased to present the July/August 2011 issue of Tax Impact as a way to help you improve your financial situation and reduce taxes. The articles cover several topics we think you’ll want to know about. Specifically, we describe the different ways of transferring interests in a family business to the next generation. We look at what activities qualify for the research credit and how much it can be worth, and explain that time is running out to disclose “hidden” foreign accounts. And we briefly discuss whether an expense is deductible if someone else pays it; the tax consequences of not paying back a loan against an insurance policy; and tax deductions for certain energy-efficient improvements.

Our firm excels at providing tax and other financial services. We welcome your questions or comments about the topics discussed or others related to improving your financial situation and reducing your tax bite. Please call us at 1-800-239-1474 and let us know how we can be of assistance.

We look forward to hearing from you and helping you meet your financial objectives.
 
Sincerely,
 
Miguel Farra
]]> <![CDATA[Tax Impact - May/June 2011 Edition]]> Dear clients and friends:

In addition to being eligible for education tax credits or the tuition and fees deduction, those heading back to the classroom to improve their marketability may be able to deduct some costs as a business expense. And federal court rulings have now made it easier for LLC and LLP owners to deduct losses.

MBAF is pleased to present the May/June 2011 issue of Tax Impact. In it, we discuss these and other topics related to improving your financial situation and reducing your tax bite. Specifically, we explain why now may be a good time to consider a qualified personal residence trust (QPRT), which allows you to save estate taxes on your home while still living in it. In addition, we offer tips about S corporation salaries, the current high gift tax exemption, and why those 70½ or older should consider a charitable IRA rollover.

Our firm excels at effective tax-saving strategies. We welcome your questions or comments about the topics discussed or others related to financial and tax matters. Please call us at 1-800-239-1474 and let us know how we can be of assistance.

We look forward to hearing from you and helping you with tax matters.

Sincerely,
 
Miguel Farra
]]> <![CDATA[Tax Impact - March/April 2011 Edition]]> Dear clients and friends:

MBAF is pleased to present the March/April 2011 issue of Tax Impact. We encourage you to read through it for ideas about ways you can reduce your individual or business tax bite.

In this issue we look at the special rules regarding business-owned life insurance (BOLI) that must be observed to avoid an unexpected tax bill. We look at what taxes are dischargeable under bankruptcy and the documentation required to claim deductions for different kinds of charitable contributions. We also briefly discuss revised IRS rules regarding reporting uncertain tax positions; the tax treatment of maintenance vs. capital improvement expenses; and the importance of tracking reinvested dividends to avoid paying tax on them twice.
 

Our firm excels at addressing financial and strategic issues. We would welcome your questions or comments about the topics discussed or others related to reducing income and business taxes, preserving estates and more. Please call us at 305-373-5500 and let us know how we can be of assistance.

We look forward to hearing from you and helping you meet your financial objectives.

Sincerely,

Miguel Farra

 

 
]]> <![CDATA[Tax Impact - January/February 2011 Edition]]> Dear clients and friends,
 
Do you know how the new tax law enacted in December will affect businesses and individuals? Or the requirements you must meet to qualify for the home-office deduction? MBAF is pleased to present the January/February 2011 issue of Tax Impact.
 
  • How the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 affects income tax rates, payroll taxes, capital gains and dividends rates, and estate and gift tax changes,  
  • Home-office deduction requirements, deductible expenses, and how to report the deduction,  
  • Three actions to consider in 2011 to take advantage of new tax incentives for businesses, and  
  • Tax tips discussing the Electronic Federal Tax Payment System; how defined value gifts can limit tax exposure; and the importance of making sure charities are in good stead with the IRS before contributing.  
 

Our firm excels at providing tax and other financial services. We welcome your questions or comments about the topics discussed or others related to improving your financial situation and reducing your tax bite. Please call us at 305-373-5500 and let us know how we can be of assistance.

Sincerely,
 
]]> <![CDATA[Tax Impact - Nov/Dec Edition]]> <![CDATA[Tax Impact - July/August 2010 Edition]]> <![CDATA[Tax Impact - May/June 2010 Edition]]> <![CDATA[Tax Impact - March/April 2010 Edition]]> In this issue we discuss: how to avoid losing out on rental real estate losses, how joint home purchases can reduce estate taxes, when its possible to write off bad business debts, and we also discuss the net operating loss carryback period.

]]> <![CDATA[Tax Impact - January/February 2010 Edition ]]> <![CDATA[Tax Impact - November/December 2009 Edition]]> In this issue we discuss: independent contractor and employee classification, buy-sell agreements, 401(k) plan loans, self-directed IRA withdrawals, qualified personal residence trusts, and early refunds for corporations.

]]> <![CDATA[Tax Impact - September/October 2009 Edition]]> <![CDATA[Tax Impact - July/August 2009 Edition]]> In a troubled economy, you may want to hunker down and hold tight, but that could be the wrong strategy. With recent market changes, now is a good time to review your tax situation. Tax Impact keeps you in the loop on pertinent strategies that may improve your financial situation.

Morrison, Brown, Argiz & Farra, LLP is pleased to present the July/August 2009 issue of Tax Impact as a way to help you reduce your tax bite. The articles cover several topics we think you'll find of interest.

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