Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to do is ask for it...
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There are two personal tax-advantaged ways to save for retirement: an IRA, which may be deductible or nondeductible (“traditional IRA”), and a Roth IRA, which is made with after-tax dollars...
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Income that the tax law exempts is the best type to receive. This income becomes more valuable as your tax bracket increases. The following is a list of tax-free income that you may be entitled to...
Full story >>The president’s budget proposal for the government’s 2015 fiscal year contains a measure to expand the earned income tax credit (EITC). This credit is fully refundable, so low- and moderate-income...
Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to...
No. The value of employer-paid health insurance for an employee, spouse, and dependent is a tax-free fringe benefit. However, under the Affordable Care Act, employers (other than small employers curre...
While Medicare does not cover the cost of long-term care services, they may qualify as a deductible medical expense. Since your spouse is chronically ill and requires personal care services, the cost ...
The IRS’s annual list of the Dirty Dozen Tax Scams has been released. Taxpayers who use or fall victim to these scams expose themselves to additional taxes, penalties, and in some cases, criminal pr...
The president’s budget proposal for the government’s 2015 fiscal year contains a measure to expand the earned income tax credit (EITC). This credit is fully refundable, so low- and moderate-income...
The IRS’s annual list of the Dirty Dozen Tax Scams has been released. Taxpayers who use or fall victim to these scams expose themselves to additional taxes, penalties, and in some cases, criminal pr...
Income from whatever source derived is included in gross income unless there is a specific law treating the income as wholly or partially tax free. This means that the winnings awarded by the U.S. Oly...
With tax seasons comes the advent of tax scams by email and phone, including text messages. The IRS cautions taxpayers to be wary at this time of the year. Here are some pointers to help you:The ...
FreeFile is a no-cost way to figure your taxes online and submit your federal return electronically. FreeFile for 2013 returns opens on January 17, 2014 (although the IRS will not begin to process ind...
Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to...
There are two personal tax-advantaged ways to save for retirement: an IRA, which may be deductible or nondeductible (“traditional IRA”), and a Roth IRA, which is made with after-tax dollars. These...
Income that the tax law exempts is the best type to receive. This income becomes more valuable as your tax bracket increases. The following is a list of tax-free income that you may be entitled to. Be...
Life insurance is designed to provide a surviving spouse, children, or other beneficiaries with funds after the insured’s death. It can also be used for other important purposes, such as buying out ...
Each year, the IRS sets standard mileage rates for various types of travel. The rates can be used to figure the cost of the driving rather than keeping track of your actual car expenses. However, you ...
No. The value of employer-paid health insurance for an employee, spouse, and dependent is a tax-free fringe benefit. However, under the Affordable Care Act, employers (other than small employers curre...
While Medicare does not cover the cost of long-term care services, they may qualify as a deductible medical expense. Since your spouse is chronically ill and requires personal care services, the cost ...
Capital losses can be carried forward only to offset capital gains (and up to $3,000 of ordinary income) in future years. The capital losses of a deceased spouse can be used on the final joint return,...
These two tax breaks, along with more than 4 dozen more, expired at the end of 2013. To date, they have not been extended, but later this year or even in 2015 Congress could reinstate them retroactive...
The favorable rule allowing debt forgiveness on a principal residence mortgage up to $2 million expired at the end of 2013. It could be extended, but given the resurgence in the housing market, it may...
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