UPDATE:This post has been updated since President Obama signed the 21st Century Cures Act.
An infrequently used portion of the tax code permits employers to establish a Health Reimbursement Account (HRA) for the benefit of their employees. Under Section… Continue reading
If you owe past due income taxes that you cannot pay, bankruptcy may be an option. There is a common misconception that past taxes cannot be discharged in bankruptcy. This belief is simply untrue. It is possible to discharge income… Continue reading
Assume John and Mary live in a two-bedroom apartment with their two children David aged 9, and Alison age 13. Both John and Mary have jobs and they pay child care in excess of $500 per month to enable them… Continue reading
To continue renting or to purchase a home? It’s a very common question. The concept is that purchasing a home allows you to build equity so that when you sell the home and purchase a smaller one later in life… Continue reading
Charitable contributions are deductible only if you itemize deductions on your Form 1040.
To be deductible, you must make charitable contributions to a qualified organization. Payments to individuals are never deductible. To check to see if an organization is qualified,… Continue reading
The correct person to help you with your taxes is a very personal decision. Other than a spouse or a medical professional, the sharing of your own financial information with a professional tax preparer or financial planner is a very… Continue reading