Tax News

August 28, 2017 10:26 pm

Individuals who buy health insurance through the federal or a state marketplace and have income below a set level for their family size can use the premium tax credit to reduce their monthly premiums....

August 28, 2017 10:25 pm

Taxpayers who are under age 59½ and withdraw money in their retirement accounts to pay federal and state income taxes are liable for the 10% early distribution penalty. There is no penalty exception ...

August 28, 2017 10:23 pm

In some states, insurance companies sell the same policies on and off of the government marketplace. The Tax Court recently confirmed that a taxpayer can claim the premium tax credit only with respect...

July 13, 2017 4:23 pm

An insurance consultant’s clients are currently primarily accountants. Nonetheless, he prepared his own return for tax years before he had these clients. He admitted to the Tax Court that he made a ...

July 13, 2017 4:21 pm

The IRS has released the 2018 contribution limits for health savings accounts (HSAs), as well as the requirements for high-deductible health plans (HDHPs), since you can only contribute to an HSA if y...

July 13, 2017 4:09 pm

You can be taxed on “imputed interest” if you make an interest-free loan to a relative, or if you charge interest at less than the applicable federal rate (AFR) set by the IRS.  If you do not cha...

July 13, 2017 4:07 pm

The Fed is on course to raise short-term interest rates several times this year, but for the third quarter of 2017 (July 1 through September 30, 2017), the IRS interest rate for individual tax overpay...

July 13, 2017 4:05 pm

The IRS provides a wealth of preliminary tax data for tax year 2015 in the Spring 2017 Statistics of Income Bulletin (SOIB). The data is based on a sample of 257,083 individual income tax returns for ...

July 13, 2017 4:02 pm

Under estate tax rules, if a spouse dies and does not use up his/her entire exemption amount ($5.49 million if death is in 2017), the surviving spouse’s estate can use the balance. This is called th...

July 13, 2017 3:56 pm

A person who suffers job-related discrimination may be awarded back pay. Recently, a district court said that the award could be increased to account for the person’s tax bill on the recovery (Greg ...

February 24, 2017 8:00 am

There are many tax breaks that you may take if you have a qualifying child. Unfortunately, there is no single definition for all of these tax breaks. Here are the different definitions; you may be eli...

December 30, 2016 10:37 am

In the course of a marital dissolution, spouses may divvy up their financial assets. Some may take the form of property settlements, which are tax-free events, or alimony, which is taxable to the reci...

November 18, 2016 8:30 am

The Affordable Care Act requires every individual not exempt from the law to have minimum essential health coverage or pay a penalty. The penalty amount for lacking coverage in 2016 is substantial and...

November 4, 2016 9:44 am

While the rate of home ownership is still down, the value of homes has improved. The real estate market in some areas is booming, due to a recovering economy, low mortgage rates, and other factors. Fr...

September 16, 2016 12:29 pm

As summer winds down, students head back to school.1. Check eligibility for an education creditIf you, your spouse, or dependent is attending college or graduate school starting this Fall, you...

August 19, 2016 11:59 am

It's summertime and many families are using vacation homes for relaxation. However, this isn't true for everyone. If you own a second home and are no longer content to use it only occasionally for you...

August 5, 2016 4:04 pm

If you or your family has an illness or other medical condition, taxes are the last thing on your mind. However, you may be eligible for a number of tax breaks that may be helpful for your family....

July 22, 2016 3:48 pm

For federal estate tax purposes, an estate tax return is required to be filed if the value of the estate on the date of death exceeds the exclusion amount (e.g., $5.45 million for someone dying in 201...

March 11, 2016 12:37 pm

The Protecting Americans from Tax Hikes (PATH) Act of 2015, which extended permanently or temporarily dozens of tax rules, impacts various breaks for education and educators. The changes affect 2015 r...

January 29, 2016 10:23 am

If you are legally married, you must file a joint federal income tax return unless you choose to file separately. This rule applies to both opposite sex- and same-sex married persons. There are certai...

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Tax Glossary

Short-term capital gain or loss

Gain or loss on the sale or exchange of a capital asset held one year or less.

More terms