Medical Insurance and Taxes
Article Highlights Uninsured Penalty Employer Plans Health Reimbursement Plans Self-Employed Health Insurance Deduction Itemized Deductions Deductible Medical Insurance The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and […]
Tax-Advantaged College Savings
Overview Section 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money for a family member’s college education, […]
Article Sec 529 College Savings Plan Features and Tax Benefits:
Article Highlights: Who Can Contribute? How Much Can Each Individual Contribute? Makeup Contributions Maximum Plan Contributions Tax Free Accumulation Eligible Expenses (Qualified Distributions) Non-qualified Distributions Be Mindful Direct Payment of Tuition Coordination With Education Credits A common question parents have is, “How might I save for a child’s post-secondary education in a tax-beneficial way?” The […]
Year-end Tax Planning Is Not Business as Usual; Things You Need to Know
Article Highlights: Major Tax Changes in 2018 Refund or Tax Due? Underpayment of Taxes Alternative Minimum Tax Minimum Required Distributions Convert into a Roth IRA Review Portfolio for Losses Make the Most of Higher Education Tax Credits Optimize Health Savings Account Contributions Empty Flexible Spending Accounts Bunch Charitable Deductions Remember the Annual Gift Tax Exemption […]
Legitimate Tax-Deductible Charity or Scam?
Articles Highlights: Holiday Giving Scammers and How to Avoid Them Verifying Legitimate Charities Substantiation Special Situations With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the scammers who come […]
Status Of The Biden Administration’s Student Loan Forgiveness
Article Highlights: The Forgiveness Plan Supreme Court Qualifications Tax Issues Payment Moratorium Current Applications President Biden’s student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one of Biden’s campaign promises. The […]
Expecting Your Taxable Income to Be Low This Year? You Can Take Advantage of It
Article Highlights: Adjusted Gross Income Taxable Income Graduated Individual Tax Rates Take IRA Distributions Redeem Government Bonds Defer Deductions Convert Traditional IRA Funds into a Roth IRA Zero Capital Gains Rate Business Expenses Affordable Care Act If your taxable income is exceptionally low this year, or even if you expect not to be required to […]
Don’t Overlook Tax Credits
Article Highlights: Non-refundable vs. Refundable Credit Childcare Credit Earned Income Tax Credit Child & Dependent Tax Credit Saver’s Credit Vehicle Tax Credits Adoption Credit Residential Energy-Efficient Property Credit Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to […]
If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know
Article Highlights: Winnings W-2G Reporting Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B and D Premiums Online Gambling Accounts Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most […]
When To Claim a Disaster Loss
Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared […]