Tax News

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...

The Affordable Care Act provides that a group health plan or health insurance issuer offering group health insurance coverage cannot have a waiting period of more than 90 days. The IRS, the Department...

Your take-home pay this year is smaller because of the expiration of the payroll tax holiday. But you can increase your spendable dollars by taking advantage of certain fringe benefits. For example, i...

Employees who can opt to donate their unused leave to organizations helping these victims will not be taxed on what would otherwise be taxable compensation. However, they cannot take a charitable cont...

If you receive stock from your employer in connection with the performance of services and such stock is not vested or subject to risk of forfeiture, you can make a special election. This election, ca...

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 elective deferral limit for employee contributions to 401(k) and similar plans will be $17,000, or $500 more than the limit for 2011. Those who are at least age 50 by the end of the year can add a...

An employee can deduct as a miscellaneous itemized expense the cost of unreimbursed job-related expenses. One type of expense is work clothes. However, it has been a long-established rule that only cl...

Reversing its prior position, the IRS has now concluded that the cost of breast pumps and supplies that assist lactation are medical care. Like obstetric care, the lactation equipment affects the stru...

Now is a great time to make resolutions that can reduce your taxes for the coming year. Of course, like other New Year's resolutions, they are only as good as your ability to keep them. Here are some ...

Whether you are an employee or a self-employed person, now is the time to start thinking about funding a retirement plan in 2011. Most of the tax rules have remained unchanged from 2010, but there ar...

When you have a new baby, there are a number of special tax rules that apply to you. While they probably won't offset the cost of caring for your new family member, they will provide some tax relief. ...

Retirement plans are primarily designed to provide income during retirement years. However, in tough economic times, individuals short of cash to pay for housing, medical costs, and other necessities ...

The Affordable Care and Patient Protection Act of 2010 and the Health Care and Education Reconciliation Act of 2010 comprise the historic health care reform package that will overhaul health care in A...

If you send your child to camp or summer school, can you obtain a tax benefit? It depends on your child's age and other factors. For Children under Age 13 If your child is under age 13 and you work, l...

The Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, mandates that every American, with few exceptions, have health coverage starting in 2014. Failure to obtain...

As a supplement to the Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, Congress has made a few tweaks, including:A tax of 3.8% of the lesser of the individua...

The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18, 2010, contains tax incentives for businesses to hire new workers and other tax breaks. Hiring Incentives...

The House passed the Patient Protection and Affordable Care Act. The act contains numerous tax law changes that take effect over the next several years. Here are some of the highlights of tax changes ...

In the past couple of years, the stock market has decimated the retirement accounts of many people. Others who lost jobs were forced to tap into retirement savings for living expenses. All in all, the...