Tax News

November 19, 2007 12:00 am

After paying bills, it's hard for most people to find money to set aside for retirement. Fortunately, the tax law can help you save for the future. The tax law allows you to:Contribute to a com...

November 19, 2007 12:00 am

Homeowners can exclude gain on the sale of their principal residence up to $250,000 ($500,000 on a joint return); for many homeowners this means tax-free sales proceeds. However, to claim this break,...

November 19, 2007 12:00 am

Even if your income is no higher in 2008 than it was in 2007, you can expect your tax bill to be lower. Why? Every year, cost of living adjustments to various tax items means you'll pay less than...

November 19, 2007 12:00 am

You have a unique opportunity to shelter your business profits in a retirement plan and save money for your future. The tax law encourages this by allowing you to deduct contributions, defer tax on e...

November 15, 2007 12:00 am

If you use your car for deductible moving or medical purposes, you can add the cost of driving based on a standard mileage rate. For 2008, the rate is 19...

November 15, 2007 12:00 am

You may have a generous spirit and the means to help your favorite nonprofit organization, but unless you follow tax rules you won't enjoy tax breaks to which you might otherwise be entitled.Ca...

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Tax Glossary

High deductible health plan (HDHP)

For 2007, a high deductible health plan is a health plan with an annual deductible that is not less than $1,100 for self-only coverage or $2,200 for family coverage, and with annual out-of-pocket expenses that do not exceed $5,600 or $11,200, respectively.

More terms