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November 9, 2015 11:35 am

What you do for your family is great, but the tax law doesn’t reward you with any special tax breaks. If you care for grandchildren in your home and are paid, you must report the income (you may owe...

October 26, 2015 11:33 am

If you fail to meet the two-out-of-five year ownership and use tests, you can qualify for a partial exclusion (related to the period of time you were in the home) if you can show that the move was bec...

October 26, 2015 11:31 am

No. Medicare benefits are tax free; they don’t count as income for determining filing and are not taxed. What’s more, Medicare premiums are tax deductible if you itemize your personal deductions a...

October 12, 2015 11:29 am

No, there is no carryback for capital losses. Capital losses can offset capital gains and up to $3,000 of ordinary income. Any capital loss over this limit can be carried forward indefinitely to offse...

October 12, 2015 11:27 am

Eligibility for a health savings account (HSA) is determined for each individual. If you qualify, you can set up an account for yourself even though your spouse is ineligible for one because of being ...

September 29, 2015 12:27 pm

No. Trustees or issuers of traditional IRAs must furnish Form 5498 to participants each year if there is a contribution (including a rollover) or a distribution. It is merely an information return tha...

September 28, 2015 12:25 pm

The home office deduction is allowed for both employees and self-employed individuals, with this difference: employees must use their home office for the convenience of the employer (not for personal ...

September 14, 2015 12:24 pm

Not yet. The more than four dozen tax rules that expired at the end of 2014 have yet to be extended for 2015. Stay tuned!...

September 14, 2015 12:16 pm

You must attach your own statement to your tax return that includes the following information:The transaction was a loan and not a gift (this can be proven by showing a promissory note that inclu...

September 14, 2015 12:14 pm

For 2014, large employers were required to report coverage on employees’ W-2 forms; small employers could do so voluntarily. Employers could also voluntarily report coverage to employees on Form 109...

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