All planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that can result. THE GOAL OF TAX PLANNING IS TO SAVE YOU … [Read more...] about Tax Planning Can Help You Save Money
Tax related
Tax Rumors Abound
There are two false tax rumors that have been circulating around and troubling clients. To set the record straight, a brief explanation of both rumors is provided below. False Rumor #1 – “Employer-paid health insurance benefits will be taxable in 2011.” Not true! Starting in 2011, the amount of employer-paid healthcare benefits was to be included on the W-2 as an … [Read more...] about Tax Rumors Abound
Home Office Deduction
If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that can be deducted for the business use of a home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting and repairs. This deduction can be … [Read more...] about Home Office Deduction
Over-the-Counter Medication & Medical Reimbursement Plans
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