Changing tax laws, increasing insurance premiums and copayments, and other factors combine to make it more and more challenging to pay your medical expenses. It’s helpful to know when and to what extent the tax laws can help alleviate your burden…
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Whether you think of yourself as wealthy, the tax law might, and this has important consequences for you. Starting on 2013 returns, high-income taxpayers have new tax rates, additional taxes, and special limitations that don’t apply to other taxpayers. What’s more, you may be a high-income taxpayer for some purposes but not for others. Here are the tax law definitions of a high-income taxpayer for various purposes…
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The cost of a college education is higher year after year, with no relief to increases in sight. The annual cost at an Ivy League school is over $60,000 a year; even state schools for in-state students is over $20,000 in some locations. How can you manage to pay all or even some of the cost for yourself, your spouse, or your child? It isn’t easy, but tax incentives can help. Here are some tax-advantaged strategies for education savings…
Full story >>Employer payments for your health coverage are fully tax free. This rule does not change in 2014 when the health care mandates go into effect. But are cash payments that an employer pays to an employe...
Changing tax laws, increasing insurance premiums and copayments, and other factors combine to make it more and more challenging to pay your medical expenses. It’s helpful to know when and to what ex...
Going mobile? Apps can be used to maintain records you’re required to have, to keep you informed on tax news, and enable you to track the status of your tax refund. Some apps are free; others have a...
A church can be treated as a public charity eligible to receive the transfer and give you tax-free treatment. Check with your church to learn whether it is an IRS-approved Section 501(c)(3) organizati...
In order to arrive at “net investment income,” which is the figure on which this tax is based, start with gross income from your rental activities. Then reduce it by deductions properly allowable ...
Employer payments for your health coverage are fully tax free. This rule does not change in 2014 when the health care mandates go into effect. But are cash payments that an employer pays to an employe...
Last month it came to light that the IRS believed it could obtain a taxpayer’s email from an Internet Service Provider (ISP) just by asking for it. The IRS wanted to read the content of some taxpaye...
It’s not easy to turn a foreign trip into a tax deduction. Just ask one taxpayer who tried to justify his travel costs as “research” for his writing activities. He was born in France but became ...
Health savings accounts (HSAs) are a viable way to obtain affordable health coverage. In order to make contributions to these accounts, you must be covered by a high-deductible health plan (HDHP). The...
Despite a massive tax bill enacted at the start of this year, there are a number of new tax proposals in the works. Whether any of them will ultimately come to pass remains to be seen. However, if you...
Changing tax laws, increasing insurance premiums and copayments, and other factors combine to make it more and more challenging to pay your medical expenses. It’s helpful to know when and to what ex...
Whether you think of yourself as wealthy, the tax law might, and this has important consequences for you. Starting on 2013 returns, high-income taxpayers have new tax rates, additional taxes, and spec...
The cost of a college education is higher year after year, with no relief to increases in sight. The annual cost at an Ivy League school is over $60,000 a year; even state schools for in-state student...
Things happen. Failing to submit a form, pay a tax, or do some other required action by a due date isn’t fatal in most cases. Recognizing your mistake and rectifying it as soon as possible is the be...
Many tax breaks are well known, such as the deduction for charitable contributions and the IRS mileage allowance for business use of your vehicle. Some breaks, however, are limited to certain taxpayer...
Going mobile? Apps can be used to maintain records you’re required to have, to keep you informed on tax news, and enable you to track the status of your tax refund. Some apps are free; others have a...
A church can be treated as a public charity eligible to receive the transfer and give you tax-free treatment. Check with your church to learn whether it is an IRS-approved Section 501(c)(3) organizati...
In order to arrive at “net investment income,” which is the figure on which this tax is based, start with gross income from your rental activities. Then reduce it by deductions properly allowable ...
Yes. The nonbusiness energy credit for making certain home improvements is effective in 2012 and 2013 and applies to:Insulation Exterior windows, doors, and skylights Certain metal roofs...
Losses on property used for personal purposes are not deductible. You do not have to report the sale unless you received Form 1099-S. If you did receive this form, then report the sale on Form 8949 ev...
The 2013 e-supplements for these titles are now available!
“First and foremost among the most serious problem facing taxpayers is the complexity of the tax code.”— , 2008 Annual National Taxpayer Advocate Report to Congress
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