One of our clients in a small Iowa town recently had an unexpected visitor; a woman posing as an IRS…
Health Savings Accounts (HSAs) have little to no down side. HSAs allow anyone with an eligible high deductible health care plan to get a tax break. Generally speaking, medical expenses are only tax-deductible if you both itemize your deductions and your eligible medical expenses exceed 10% of your adjusted gross income. HSA accounts offer a full and current deduction of your future qualifying medical expenses regardless of your income as long as you have a qualifying high deductible health care plan.
A deductible home office is an area in the home that is both used exclusively for business and is where you do a substantial amount of work, not just where you “manage” your investment. It is often the only fixed location for your business. You look at whether or not you can claim a home office deduction every year.
My father said that he quit having birthdays a long time ago, but hopefully he didn’t stop paying attention to birthdays when he reached the mystical age of 70 ½. That is the year he needed to take his first required minimum distribution (RMD) from his IRA account(s). Birthdays do matter when making this decision, and you should consider the timing of your first RMD for the best tax results.
“The Good Life” is becoming more attractive to Nebraska retirees. The Nebraska legislature has recently approved limiting Social Security and military retirement taxation for Nebraska purposes for tax years beginning January 1, 2015. Iowa has had similar tax breaks for several years, and now Nebraska is becoming more competitive.
States often offer senior citizens, veterans and disabled taxpayers various tax savings opportunities. Nebraska tries to make home ownership more affordable for these…
URGENT NOTICE: Taxpayer’s are receiving phone calls from various phone numbers posing as agents of the IRS.
The Final Capitalization Regulations included several safe harbors that provide some much needed relief from the originally proposed regulations. Three of the safe harbors are outlined below
Most taxpayers know that the IRS requires you to file a gift tax return if you gift too much to an individual in a calendar year, but did you know that you can pay any amount of any individual’s educational expenses and/or medical expenses without any tax consequence?