If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA). Employers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA. Applicable large [...]
New IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption Taxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get [...]
Does your employer provide you with group term life insurance? If so, and if your salary is higher than $50,000, this employee “benefit” may be creating undesirable income tax consequences for you. Here's why. The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn't [...]
Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: American Opportunity Tax Credit. The AOTC [...]
If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The following is a series [...]
A frequently litigated issue is whether expenses incurred by an individual to pursue a professional degree are deductible as a business expense under Code Sec. 162. Resolution of this issue depends upon a number of factors such as: Whether the education maintains skills required by the individual in his or her trade or business [...]
Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity. [...]
Disappearing “Service” at the IRS Don't expect much in the way of service from the IRS this filing season. Budget cuts have forced the agency to pare back on services that filers have relied upon in the past. Folks who call the IRS don't have a great chance of speaking to a person, even [...]
Taxpayers who experience certain types of major personal casualties may be able to recoup some of their losses through tax savings. An itemized deduction may be available for personal losses from fires, storms, car accidents, and similar “sudden, unexpected, or unusual” events. Losses from theft are included as well. Individuals who don't itemize deductions [...]
Tax aspects of self-employment When considering the decision to go into business for yourself (as a sole proprietor), there are several important rules and tax aspects to consider: (1) For income tax purposes, you will report your income and expenses on Schedule C of your Form 1040. The net income will be taxable to you [...]
