Health Savings Account

A health savings account is a tax-free savings account similar to an individual retirement account. It is designed specifically to pay for medical expenses. These expenses are wholly tax-deductible for self-employed account holders. Cash from these accounts can be withdrawn effortlessly by using a check or debit card. It facilitates payment of routine medical expenditures with tax-free money.

The Tax Payer as Gilligan

This article introduces a correlation between government overspending and how it may encourage inflation. It is a call to action for investors to factor in inflation-adjusted numbers with their retirement projections.

IRS Helps Employers By Reducing Filings Required For Employees

If you own a business and have employees, you have an inherent feel for the joy of filing employee related tax documents. Alas, the IRS is cutting back on the burden.

More on IRA Beneficiary Designation Planning

IRS adds new planning consideration for IRA beneficiary designations.

1031 Exchange Lowdown Guide

A 1031 exchange or Like kind exchange is defined by section 1031 of the Internal Revenue Code or the IRC. According to IRC if an asset, most often some form of real estate such as land or building is sold and the proceeds of the sale are re-invested in a similar asset then there is no gain or loss and the deferment of the capital gains taxes is permitted.

401K Tax Deductions

The 401K plan is an employer sponsored retirement savings plan in which the employee transfers a portion of his/her wage into the retirement account. This plan allows an employee to save for the retirement without attracting any immediate income tax on the deferred amount. The 401K tax deductions are granted until the money is withdrawn. Usually, the job of monitoring the plan is sourced to a third party controller such as an insurance company, a bank, or a mutual fund. 401K tax deductions can be diverted to investments such as stocks, mutual funds, or bonds. Some companies even allow these deductions to be utilized for purchasing the company stock. The employee may be given a free hand for reallocating the 401K tax deductions into the investment of his/her choice at any time.

Tax Deductions

Tax deductions signify the amount deducted from a person’s gross income so as to reduce the taxable income. The basic standard deduction depends on the individual’s tax return filing status. The taxpayer need not pay income tax on expenses termed tax deductible. Expenses such as legal fees, medical expenses, donations, and investments are sometimes listed as tax-deductible expenses. Although investments are tax deductible, the brokerage fees and commissions paid are not considered so. Apart from the basic standard deduction, additional tax deductions can be filed, after taking conditions such as age and blindness into consideration.

Small Business Tax Deductions

Small business tax deductions are implemented by the government to encourage entrepreneurship and investment. A business owner can save large amounts of money through these small business tax deductions. Special small business tax deductions are granted for home based business establishments.

House Estate Tax Compromise is Uncertain in the Senate

The measure approved last week by the US House of Representatives that would eliminate the estate tax for all but the wealthiest families faces an uncertain future in the Senate.

IRS Tax Help

IRS tax help refers to the free tax help offered by IRS. It is considered as the easiest way to get tax help. Every tax year, Americans shell out $7.5 billion to get help from tax professionals to prepare their tax returns. IRS tax help is meant for those people who find it difficult to calculate the complex tax entries. Many IRS offices in the United States offer walk-in tax help for technical or tax questions about various tax forms and tax returns. This helps the common people to ask the IRS officials and clear any doubts regarding tax preparation or tax deductions.

Avoiding the AMT Trap

More and more taxpayers are finding a hidden tax on their individual tax returns. The following tax planning strategies should be reviewed to help individuals counter the AMT and plan successfully for their financial future.

Summary Regulatory History of Cost Segregation

In order to calculate depreciation for Federal income tax purposes, taxpayers must use the correct method and proper recovery period for each asset or property owned. Property often consists of numerous asset types with different recovery periods, which must be separated into individual components or asset groups having the same recovery periods and placed-in-service dates.

US House to Continue Fight for Reduction of Estate Taxes

Legislation has been introduced into the US House of Representatives that would reduce the number of Americans subject to the estate tax.

Sales Tax: What It Is And How It Is Imposed?

A sales tax is a tax that is placed on the purchases of goods or services. The federal government does not have a national sales tax. Qualifying products or services are only taxable by a particular ...

Use Your House as a Tax Shelter

A good tax shelter is hard to come by, but the perfect shelter may be right in front of your eyes, most people do not realize that that the government allows us to use our homes as a way of collecting a tax deductions, credits, and benefits.