Category Archives: Income Taxes
Health Savings Accounts
ShareContributions to a Health Savings Account (HSA) are used to pay current of future medical expenses of the account owner, his or her spouse, and any qualified dependents. Medical expenses must not be reimbursable by insurance or other sources and … Continue reading
The Alternative Minimum Tax
ShareThe Alternative Minimum Tax (AMT) has been “fixed”. Actually fixed would be repealed, but it now applies to individuals with incomes over $50,600 for single and $78,750 married filing jointly. These amounts are indexed for inflation for future years. This … Continue reading
Changes in new law for individuals
ShareHere are a few changes to the tax laws for 2013 which you should be aware of: The limit for deductible medical expenses has been increased to 10% of your adjusted gross income from 7.5%. It remains at 7.5% for … Continue reading
Foreign Account Tax Compliance
ShareIf you have bank accounts or other foreign financial assets there may be reporting requirements you are not aware of. There is a requirement called FBAR (Foreign Bank account report) which is due June 30 and applies if the total … Continue reading
When can returns be filed this year?
ShareThe IRS has sent out a notice that it will begin processing income tax returns and accepting electronically filed tax returns on January 30, 2013. This is 8 days later than the original plan. This delay was caused by the … Continue reading
Update on mileage rates and per diems
ShareFor 2013 the standard mileage rates have been increased. For business miles the deductible mileage rate is 56.5 cents per mile for business miles driven. For medical purposes the rate is 24 cents per mile and for charitable purposes it … Continue reading
How does the new tax law affect you?
ShareCongress has once again waited until the last minute to pass a tax law which has supposedly saved us from falling off a fiscal cliff. And it is supposed to get the wealthy to pay more of the burden. Since … Continue reading
529 PLANS
ShareI am a big fan of planning for the future and when new children are born we often think more about planning for their and our own future. I want to discuss the possibilities of 529 plans (usually called qualified … Continue reading
NEWT’S TAXES
ShareNewt Gingrich also released his tax returns recently. His returns are slightly more interesting to look through than Romney’s even though they are much simpler and he is not nearly as rich as Romney. He is still very rich and … Continue reading
MITT’S TAXES
ShareWhen income tax returns are released by political figures it is always interesting to look at what is in them and what the press says about them. I thought it might be interesting to comment on some of these returns … Continue reading
