More than 11 million people have health coverage through a combination of a high-deductible health plan and a health savings account (HSA). The number of people with HSAs continues to grow annually. T...

The U.S. Supreme Court has laid to rest an ongoing controversy over whether a taxpayer’s understatement of basis, which causes less gain to be reported, amounts to an omission of gross income. The r...

Distributions from qualified retirement plans and IRAs before age 591/2 are not only taxable but also subject to a 10% early distribution penalty. However, there are a number of exceptions that a taxp...

Certainty used to be defined as death and taxes. Now that definition takes on a whole new meaning. According to a study, car accidents increase on the tax filing deadline by about 6%. This translates ...

The Tax Foundation reports that Tax Freedom Day comes 4 days later than last year. Tax Freedom Day, April 17 this year, is the date on which you have earned enough money to pay your taxes. In other wo...

What’s up with 2012 taxes? That’s a good question! It’s important to know the answer because it affects the moves you make this year as well as the 2012 estimated tax payments you make. Unfortun...

Investments within your IRA determine how much income you’ll have from your IRA in retirement. The better your investments do, the greater your income. However, the tax law restricts the type of inv...

What can you do with a tax refund? Here are some suggestions that can help you generate future tax rewards:Make an IRA or Roth contribution (if eligible) Contribute to a health savings account ...

Are you disappointed in your refund from Uncle Sam this year? Did you actually have to pay with your return? JKLasser feels your pain. And we want to help: one lucky taxpayer will win $1,000 in our Th...

The federal government largely operates on revenues from personal income taxes. For the government’s 2010 fiscal year (ending September 30, 2010), personal income taxes accounted for 26% of federal ...

It depends. Even though many employees today work from home after hours, this doesn’t mean they can claim a home office deduction. In order for an employee to claim a home office deduction for busin...

Usually, legal fees and costs related to a taxable award are deducted as a miscellaneous itemized deduction. However, in the case of actions for discrimination, a claim against the United States, or a...

It depends on how these benefits are paid to you. If you are an “alternate payee” so that the plan pays the benefits directly to you, then you are taxed on the benefits to the same extent that you...

No. This rule expired at the end of 2011 and has not yet been extended for 2012. However, it could still be extended as part of “extender legislation.” We’ll report here on any developments abou...

Yes. The retirement saver’s credit is one of the few examples in the tax law where you can double dip—get the benefit of not being taxed on the salary you put into the 401(k), plus a tax credit to...