The charts on this handout compare and contrast accounting and recordkeeping, fringe benefits, and liabilities of the various business entity types.

BusinessClare FazackerleyJanuary 7, 2021Tax, Business, Business Entities, Chart, Starting a Business, Liability, Fringe Benefits, Sole Proprietor, Partnership, S Corp, C Corp, Business Structure

Business Expenses Worksheet

This handout provides a simple worksheet for business owners to track expenses. It can be used as a ledger or as a summary for business owners to complete and provide to their tax preparer.

BusinessClare FazackerleyJanuary 6, 2021Tax, Business, Expenses, Worksheet, Business Expenses, Tracking Expenses, Depreciation of Assets, Inventory, Small Business, New Business

COVID-19 Legislation - Businesses 2020

Recent legislation, such as the Families First Coronavirus Response Act and the Coronavirus, Aid, Relief, and Economic Security (CARES) Act has provided some financial and tax relief for certain taxpayers. The following is a summary of some of the provisions.

BusinessClare FazackerleyNovember 21, 2020covid-19, coronavirus, Tax

Alternative Minimum Tax

This handout gives a definition of what the alternative minimum tax (AMT) is and how it is applied. It also highlights some historical perspective on how the AMT has changed over the years.

Individual Income TaxClare FazackerleyOctober 18, 2018Alternative Minimum Tax, Tax, 1040

Cancellation of Debt - Insolvency

This handout defines what it means to be insolvent. Cancellation of Debt - Insolvency It includes a worksheet for a taxpayer to determine if he or she is insolvent and it explains the tax implications of cancelled debt.

Individual Income TaxClare FazackerleyOctober 16, 2018Tax, Debt Cancellation, Debt Discharge, 1099-C, Insolvency, Worksheet

Capital Gains and Losses

This handout defines what assets are considered capital assets. It also discusses holding periods of assets, basis, and capital gain tax rates.

Planning & Life Issues, Individual Income TaxClare FazackerleyOctober 15, 2018Tax, Capital Gains, Losses, Capital Assets, Mutual Funds, Property, Inheriting

Charitable Contributions Guide

This guide outlines the types of qualified charities which can receive tax deductible donations. It also discusses contributions of property including the donation of a vehicle.

Individual Income TaxClare FazackerleyOctober 14, 2018Tax, Charitable Contributions, Deductions, Charity, Mileage

Charitable Noncash FMV Guide

This handout provides a fair market value guide for the donation of goods. There is also a tracker for taxpayers to record donations.

Individual Income TaxClare FazackerleyOctober 13, 2018Tax, Charitable Contributions, Deductions, Charity, Noncash Donations, Donation Tracker

Clergy - Religious Workers

This handout provides guidance on how to report income and expenses for ministers. It also provides information on a parsonage or housing allowance received.

Individual Income TaxClare FazackerleyOctober 12, 2018Tax, Ministers, Clergy, Religious Workers, Parsonage, Church

Crowdfunding

This handout explores the different aspects of crowdfunding, from the project initiator to the backer/contributor.

Planning & Life Issues, Individual Income TaxClare FazackerleyOctober 11, 2018Tax, Crowdfunding, Kickstarter, GoFundMe, Social Investing, Crowdfunded Projects

Dependent Support Worksheet

This 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.

Individual Income TaxClare FazackerleyOctober 10, 2018Tax, Worksheet, Dependents

Divorce and Taxes

This handout defines the tax status of taxpayers who are separated or divorcing. It also provides information on property transfers, alimony, and child support.

Planning & Life Issues, Individual Income TaxClare FazackerleyOctober 9, 2018Tax, Divorce, Separation, Filing Status, Alimony, Child Support, Settlements

Education Tax Benefits

This handout discusses the education tax benefits. It also provides a comparison of the education credits and discusses the education savings plans.

Planning & Life Issues, Individual Income TaxClare FazackerleyOctober 8, 2018Tax, Education, College, Education Credit, Education Savings, Higher Education, College Expenses, Deductions

Estimated Taxes

This handout defines the requirement to pay taxes through withholding and/or estimated payments. It includes estimated tax payment due dates.

Individual Income TaxClare FazackerleyOctober 7, 2018Tax, Estimated Payments, Estimated Taxes, Withholding, Self-Employment, Net Investment Income Tax

Families With Children

This handout provides a listing of various tax credits available for families with children. The rules and limits for each credit are outlined.

Individual Income TaxClare FazackerleyOctober 6, 2018Tax, Children, Tax Credits, Child Tax Credit, Dependents, EITC, Adoption, Education

Filing Status

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

Individual Income TaxClare FazackerleyOctober 5, 2018Tax, Filing Status, Single, Married, Married Filing Separately, Married Filing Jointly, Head of Household, Marital Status, Divorce, Separation, Widower

Foreign Bank and Financial Accounts

This handout provides tax filing guidance for taxpayers who have financial assets in foreign countries. The information contains filing requirements and penalty information for failure to file.

Individual Income TaxClare FazackerleyOctober 4, 2018Tax, Foreign Bank Accounts, Foreign Assets, Assets Abroad, International, FinCen 114, FBAR

Gambling Log

This handout highlights the tax reporting requirement for taxpayers who have gambling winnings. It also includes a worksheet to track gambling activity.