Article Highlights: Day Camps Overnight Camps or Tutoring School Expenses In-Home Care Credit Percentages Maximum Qualifying Expenses Recordkeeping Requirements State Tax Credit Many parents who work or are looking for work must arrange for care of their children during school vacations. If you are one of those, and your children requiring care are under 13 years of … [Read more...] about Tax Facts about Summertime Child Care Expenses
Personal Tax
A New Twist on Your Favorite Game Show
Article Highlights: Tax Issues of Being a Game Show Winner Setting Aside Winnings For taxes Prizes Are Taxed at Retail For Non-cash Winnings, The Taxes Come Out of Your Pocket We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Lets Make A Deal and we love to have the contestants win big. Often the game show hosts will ask “what you are … [Read more...] about A New Twist on Your Favorite Game Show
Foreign Banks Forced to Report US Account Owners’ Tax Information to IRS
The Foreign Account Tax Compliance Act (FATCA) is a United States law that requires United States persons, including individuals who live outside of the US, to report their financial accounts held outside of the United States to the Treasury Department. This is done by completing and attaching IRS Form 8938, Statement of Foreign Financial Assets, to the individual’s income tax … [Read more...] about Foreign Banks Forced to Report US Account Owners’ Tax Information to IRS
Will the Affordable Care Act Impact Your Tax Return for 2014?
Article Highlights: Individual health insurance mandate Penalty for not being insured Premium assistance credit Insurance premium subsidies Repayment of excessive subsidies The Affordable Care Act (ACA), also referred to as Obamacare, imposes an individual mandate requiring all non-exempt U.S. Citizens and legal residents to enroll in government-approved health insurance … [Read more...] about Will the Affordable Care Act Impact Your Tax Return for 2014?
June 2014 Individual Due Dates
June 2 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2013. The FMV of an IRA on the last day of the prior year (Dec 31, 2013) is used to determine the required minimum distribution (RMD) that must be taken from the … [Read more...] about June 2014 Individual Due Dates