Article Highlights: Residence or Domicile Moving Expenses Combat Pay Exclusion Living Allowances Home Mortgage Interest and Taxes Home Sale Gain Exclusion Reservist Travel Expenses Reservist Early Withdrawal Exception Extension of Deadlines Uniform Costs and Upkeep Joint Returns Tax Forgiveness ROTC Students Transitioning Back to Civilian Life Military … [Read more...] about Tax Breaks for Military Personnel
Did You Have to Repay Part of Your Obamacare Subsidy and Don’t Know Why?
Article Highlights: Premium Tax Credit Basis for the Credit Advance Premium Tax Credit Repayment Requirements As part of Obamacare, most everyone is required to be insured or pay a penalty. However, this created a substantial financial burden for lower-income families. To alleviate this situation, Obamacare included a subsidy, referred to as the premium tax credit (PTC), … [Read more...] about Did You Have to Repay Part of Your Obamacare Subsidy and Don’t Know Why?
August 2017 Individual Due Dates
August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to … [Read more...] about August 2017 Individual Due Dates
Taking Advantage of Tax-Free Gifting
Article Highlights: Lifetime exclusion Annual exclusion Medical exception Education exception Gifting techniques If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the estate tax when you … [Read more...] about Taking Advantage of Tax-Free Gifting
Hobby or Business? It Makes a Difference for Taxes
Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are: Businesses Entered Intofor Profit – For businesses entered into … [Read more...] about Hobby or Business? It Makes a Difference for Taxes