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Tax Concept Brochures

We're here to make things easier, and help you properly prepare for your tax returns.

Below are nearly 100 brochures that explain a variety of tax concepts. We encourage you to select up to 5 brochures, and we'll email them to you directly. Please note that you may have to check your spam filter.

The brochures are organized by category. Click Business Tax Returns, Individual Tax Returns, Tax Planning, Retirement, Estates and Trusts to jump to the beginning of that category.

 


Business Tax Returns

Business Entity Comparison Chart compares and contrasts accounting and record keeping, fringe benefits, and liabilities of the various business entity types.

Business Entity Pros and Cons listed for the various types of business structures and provides examples of the types of businesses that are good fits for each entity type.

Business Financing - Don't Intermingle Funds explains the problems that occur when business owners intermingle business funds with their personal funds. Also provides court case summaries as a warning to business owners as to the problems that can occur.

Business Management Tips explores business procedures, plans, budgets and other resources all designed to help business survive.

Business Owners - Taking Money Out of a Business discusses the tax consequences of removing money from a business and explains the tax implications of wages, guaranteed payments, and dividends.

Business Use of Home outlines the expenses that are deductible for the business use of the home. Also highlights the use of the home as a day care facility.

Buy-Sell Agreements explain how a buy-sell agreement works and the different ways to structure them.

Corporation Meeting Requirements provides guidance on what to do to maintain corporate tax filing status. Also lists the requirements of all corporations and provides an outline of how to comply with those requirements.

Day Care Providers' Income and Expenses provides guidance on recordkeeping of income and expenses and information for calculating the business use of the home for day care providers.

Employee or Independent Contractor discusses the factors used in determining whether someone in an employee or an independent contractor. Also provides information on how to report the incorrect treatment of an employee as an independent contractor.

Expense Reimbursements for Employees describes the requirements for an expense reimbursement plan to qualify as an accountable plan and the reporting requirements for employer reimbursement plans.

Farm Inventory and Accounting Methods discusses methods of accounting (other than cash or accrual) and inventory valuation issues unique to the farming business.

Farm Vehicles and Fuels provides a method for farmers to keep track of fuel expenses and explains the requirements for claiming fuel tax credit and refund.

Form 1099-MISC, Miscellaneous Reporting describes the filing requirements for Form 1099-MISC, Miscellaneous Income, including payments made to attorneys and penalties for failure to file correct returns or furnish correct payee statements.

Fringe Benefits highlights the benefits and uses of fringe benefits.

Health Care Reform: Employer Insurance Requirement describes the employer requirement to provide health insurance and information on how to apply for coverage. Also discusses the penalty for employers who do not offer coverage.

Inventory and Cost of Goods Sold describes when inventory accounting is required, expenses included in the cost of goods sold, and inventory valuation methods.

Limited Liability Companies (LLCs) explains how an LLC operates and how to form an LLC. Also provides information on the classification of an LLC which will determine the proper tax filing for the LLC.

Mileage and Expense Log provides a worksheet for taxpayers to track mileage and expenses for tax deductibility of the miles and expenses. Also provides the entries needed to be compliant with IRS regulations.

Partnerships provides a description of how partnerships work and explains the tax reporting requirements of the partnership and its partners. Also discusses the advantages and disadvantages of a partnership.

Recordkeeping for Tax Purposes explains the type of records which should be kept and the retention period of those records.

Rental Income and Expenses describes the various aspects of rental income and expenses. Also provides an explanation of the difference between a repair and an improvement and the tax consequences of each.

Repairs versus Improvements provides information which will help determine if amounts paid on business assets are either a current business deduction or costs which must be capitalized and depreciated.

S Corporations explains what a taxpayer needs to know about S Corporations, including the business formalities and tax filing. Also includes a comparison of the advantages and disadvantages of an S corporation.

Self-Employment Tax discusses the self-employment tax and how it is calculated. Common self-employment tax situations are also explored.

Small Business Health Care Tax Credit explains what a tax credit is and provides a worksheet to calculate the premium amount eligible for the credit.

Vehicles - Business Use explains the circumstances under which an individual can claim a deduction for using his or her vehicle for business purposes.


Individual Tax Returns

Alternative Minimum Tax (AMT) gives a definition of what the AMT is, how it is applied, and highlights some historical perspective on how the AMT has changed over the years.

Audits provides guidance for taxpayers who are undergoing an IRS audit. Includes an overview of how audits are conducted as well as a strategy for preparing for the audit.

Cancelation of Debt - Insolvency defines what it means to be insolvent. Includes a worksheet for a taxpayer to determine if he or she is insolvent and it explains the tax implications of canceled debt.

Capital Gains and Losses defines what assets are considered capital assets. Also discusses holding periods of assets, basis, and capital gain tax rates.

Charitable Cash Donation Tracker discusses recordkeeping requirements for cash donations. Includes a donation tracker worksheet and a charitable mileage log.

Charitable Contributions Guide outlines the types of qualified charities which can receive tax deductible donations and discusses contributions of property including the donation of a vehicle.

Clergy - Religious Workers provides guidance on how to report income and expenses for ministers. It also provides information on a parsonage or housing allowance received.

Consumer Credit gives an individual a quick checklist of how to protect themselves upon notification of identity theft and provides information on credit counseling and debt management plans.

Crowdfunding provides information on various aspects of these alternative funding options and the tax issues that might arise from these arrangements.

Dependent Support Worksheet defines what is meant by support and includes a worksheet to help calculate the expenses paid to determine the financial support of an individual.

Divorce and Taxes defines the tax status of taxpayers who are separated or divorcing and provides information on property transfers, alimony, and child support.

Education Tax Benefits discusses the education tax benefits and the education savings plans. Also provides a comparison of the education credits.

Estimated Taxes defines the requirement to pay taxes through withholding and/or estimated pavements. Includes estimated tax payment due dates.

Families with Children provides a listing of various tax credits available for families with children and outlines the rules and limits for each credit.

Filing Status helps the taxpayer determine his or her tax filing status for the year. Includes a chart with the special rules for taxpayers filing Married Filing Separately (MFS).

Foreign Bank and Financial Accounts provides tax filing guidance for taxpayers who have financial assets in foreign countries. Also contains filing requirements and penalty information for failure to file.

Health Care Reform: Cost Sharing Subsidy for Individuals with High-Deductible Plans provides information on the subsidy for individuals with high-deductible health insurance plans and how to apply for the subsidy.

Health Care Reform: Individual Insurance Requirement details the requirements of individuals to purchase health insurance. Also provides a list of exempt individuals and information on the penalties for failing to maintain coverage.

Health Care Reform: Premium Assistance Credit explains the premium assistance credit and who is eligible for the credit. Also provides the definition of minimum essential coverage.

Health Care Reform: State Health Insurance Exchanges explains how the state health insurance exchanges operate and how to apply for coverage.

Health Savings Accounts (HSAs) discusses the provisions of HSAs and explains the rules and limitations.

High-Income Taxpayers provides a listing of deduction limitations for taxpayers who have a higher taxable income.

Hobby Versus Business explains the deduction limitation for activities that are considered a hobby. Also lists the factors that may determine whether an activity is a hobby or a business.

Identity Theft and Your Taxes provides guidance on the steps the taxpayer should take to file their valid income tax return as well as specific things to do to prevent future problems. [For taxpayers who are victims of identity theft and may find that the thieves have filed a fraudulent income tax return.]

Itemized Deductions: Casualty and Theft Losses identifies which losses are deductible and which gains realized are taxable. Also discusses disaster relief.

Itemized Deductions: Education Expenses discusses which education expenses are deductible as itemized deductions and defines the tax treatment of educational assistance programs.

Itemized Deductions: Homeowners identifies expenses for homeowners that are deductible as itemized deductions. Also includes a chart for home mortgage debt limits.

Itemized Deductions: Interest Paid differentiates interest expenses that are deductible from those that are not deductible. Also discusses reverse mortgages.

Itemized Deductions: Job Expenses discusses the deductibility of unreimbursed job expenses and contains information on deductibility of uniforms and travel expenses as an employee.

Itemized Deductions: Medical Expenses discusses which medical expenses are deductible and who can deduct those expenses. Also highlights the deductible expenses for long-term care and nursing home costs.

Itemized Deductions - Miscellaneous Itemized Deductions discusses the items that are subject to the 2% Adjusted Gross Income (AGI) limitation as well as those items that are not subject to the 2% AGI limitation.

Itemized Deductions: Taxes Paid discusses which taxes paid are deductible as well as any limitations on the deductibility of those taxes.

Kiddie Tax discusses the tax treatment of a child's unearned income. Also compares the reasons to file a separate return for the child versus reporting the income on the parent's return.

Moving Expenses provides information on the deductibility of moving expenses as well as guidance on which expenses are deductible and on handling employer reimbursements.

Multi-State Taxation provides guidance to taxpayers who have state income tax liabilities to more than one state. Also provides state tax information for taxpayers associated with the military.

Real Estate Professionals details the requirements of individuals to qualify as a real estate professional and the special rules for real estate activities.

Sale of a Principal Residence discusses the requirements to exclude gain on the sale of a principal residence and the reduced maximum exclusion that is available for certain taxpayers.

Same-Sex Married Couples explains the tax filing requirements for same-sex married couples and provides information on amending previously filed returns.

Standard versus Itemized Deduction compares the use of the standard deduction versus using itemized deductions. Also discusses the phaseout of the itemized deductions.

Stock Options - Same Day Sales provides guidance on the taxation of exercising stock options and details the tax reporting of these transactions.

Tax Facts and Figures provides charts of inflation-adjusted tax provisions.

Tax Scams - Protect Yourself contains information on types of tax scams including IRS impersonation scams and guidance on taxpayers protections and specific actions to take.

Taxable Social Security Benefits explains the calculation of income to determine what amount, if any, of Social Security benefits are taxable. Also provides strategies to prevent Social Security benefits from becoming taxable.

Taxpayers Who Receive an IRS Notice explains what rights the taxpayer has and how taxpayers should handle affairs once they have received a notice from the IRS. Also discusses how to avoid future notices.

Tipped Employees provides information on recordkeeping requirements and how to report tip income.

What Should You Do if You Can't Pay Your Taxes? explains the options a taxpayer has when he or she cannot pay the taxes due by the due date. Also provides information on requesting an installment agreement.

Withholding - Filling Out Form W-4 provides an explanation of what Form W-4 is, how it is used by employers, and guidance on filling out the form.


Tax Planning

College Financial Aid Planning provides valuable information about how assets and income affect the financial aid application process. Includes asset and debt strategies to help with the planning process.

Early Retirement Distributions highlights the rules regarding the exception to the 10% penalty for early retirement distributions and discusses the possible risks involved in implementing this strategy.

Estate Planning, Wills, Probate, and Transfer of Assets discusses the importance of having a will and issues such as probate and property passing at death.

Financial Planning Guide provides a high-level overview of the financial planning process. Taxpayers can gain valuable information on personal financial planning and income tax planning.

Moving Out Worksheet provides a method for calculating the cost of moving out of home. Also includes calculations for one-time as well as periodic costs.

Newlyweds Tax Tips outlines some of the steps taxpayers should take once they become married. Also explains how to handle tax filing requirements as well as personal things such as notifying financial institutions.

Pension Income Planning outlines some of the considerations for an employee who is selecting a pension option. Also provides a description of a potential financial limitation of choosing the wrong type of pension payout and a strategy to consider to alleviate drawbacks of the various choices.

Saving for College discusses the various methods of saving for college. Also includes information on contribution limits as well as tax benefits associated with each method of saving.


Retirement

IRAs: Inherited Individual Retirement Accounts discusses the choices a beneficiary has when inheriting an IRA; including information on required minimum distributions.

IRAs: Kinds of Individual Retirement Accounts and Prohibited Transactions discusses the various types of IRAs and the tax benefits and implications of each; also, the effects of the taxpayer's participation in prohibited transactions within these types of accounts.

IRAs: Roth Individual Retirement Accounts discusses the tax advantages of a Roth IRA and includes information on contribution and conversion rules.

IRAs: Traditional Individual Retirement Accounts discusses the tax advantages and rules of traditional IRAs. Also includes the phaseouts for deducting contributions for taxpayers who are also covered by an employer-sponsored plan.

Retirement Income discusses a taxpayer's various sources of retirement income including Social Security, pension, an IRA distributions. Also highlights age-specific requirements and tax implications.

Saving for Retirement highlights the various types of retirement accounts along with the contribution limits and rules. Also includes information on qualifying for the Retirement Savings Contribution Credit.

Social Security and Medicare highlights the components of Social Security retirement and disability benefits. Also provides an overview of Medicare eligibility and benefits.


Estates and Trusts

Death of a Taxpayer discusses the duties of a personal representative for a taxpayer who has died and indicates tax reporting requirements for a deceased taxpayer and how to allocate the income in the year of death.

Estate Tax (Form 706) provides information on the estate tax and marital deduction. Also discusses estate tax planning and valuation.

Gift Tax discusses the gift tax provisions including the annual exclusion and the lifetime gift tax exclusion. Also contrasts which transfers are considered gifts and which transfers are not considered gifts.


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