For many years, taxpayers have not been able to deduct as a medical expense on their tax return the cost of unprescribed over-the-counter medications. However, taxpayers with Flexible Spending Arrangements (FSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA) and Archer Medical Savings Accounts (Archer MSA) could reimburse themselves for the cost of … [Read more...] about Over-the-Counter Medication & Medical Reimbursement Plans
Health Care Professionals Working in Underserved Areas May Qualify for Special Benefit
Under the Affordable Care Act, health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward. The Affordable Care Act included a change in the law, effective in 2009, that expands a tax exclusion … [Read more...] about Health Care Professionals Working in Underserved Areas May Qualify for Special Benefit
After I upgrade from EB3 to EB2, do I have to file a new I-485?
According to the most recent USCIS policy memo, yes you must file a new I-485 if you upgrade. Anecdotal evidence from the field, however, suggests that this policy is being ignored by a substantial number of service center adjudicators. Many applicants have successfully upgraded without having to file new I-485 applications. The most recent policy memorandum on this subject … [Read more...] about After I upgrade from EB3 to EB2, do I have to file a new I-485?
New Breaks for Small Businesses
The 2010 Small Business Jobs Act enacted September 27, 2010 includes an assortment of incentives and tax breaks for small businesses. The following is a brief overview of some of the key provisions included in the new law. Watch for additional details in future newsletters. Cell Phones No Longer Listed Property - This means that cell phones can be deducted or depreciated … [Read more...] about New Breaks for Small Businesses
Time is Running Out for the Home Energy Property Credit
Planning to make an “energy-saving” improvement to your home? 2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left. Whether you simply want to cut your utility bills or winterize your home, do it soon! The name “Home Energy Property Credit” given by Congress is not as descriptive as it could … [Read more...] about Time is Running Out for the Home Energy Property Credit