New IRS Website Provides Health Care Law Information
Many provisions of the Patient Protection and Affordable Care Act of 2010 have recently gone into effect, and some significant provisions will do so in 2014 and 2015. To help individuals and families learn more about how they'll be affected, the IRS has launched a new website: IRS.gov/aca. The site offers information on the tax... (Read More) |
| Employer Deadline To Provide Health Insurance Exchange Notice
As you may know, the health care law - the Patient Protection and Affordable Care Act (PPACA) - requires most individuals (including children and other dependents) to carry health insurance, beginning January 1, 2014. The law also requires the establishment of a health insurance exchange in all states by October 1, 2013. The goal is that exchanges, working with private insurers, will act as a marketplace and provide "one-stop shopping" for individuals and families who may need health insurance or who seek less expensive coverage... (Read More)
|
| Plan Ahead To Maximize Medical Expense Deductions
Medical expenses that aren't reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings  Account or Flexible Spending Account) may be deductible - but only to the extent that they exceed 10% of your adjusted gross income. Before 2013, the floor was only 7.5% for regular tax purposes. Taxpayers age 65 and older can still enjoy that 7.5% floor through 2016. The floor for AMT purposes, however, is... (Read More)
|
|
Back to School: Tax Tips for Higher Education Costs
In many parts of the country, autumn means a drop in temperatures and leaves turning color. But no matter where you live, it also means heading back to school. For college students and those who love them, that means tuition payments and other fees. The good news is that there are a variety of ways to handle these expenses in a tax-savvy manner. (Read More)
|
529 Funds: Not Just For College Expenses
As the kids head back to school, it's a good time to think a bout Coverdell Education Savings Accounts (ESAs). One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren't limited to college expenses; they also can fund elementary and secondary school costs. That means you can use ESA funds to pay for ... (Read More)
|
