The Tax Court case of Terrell, T.C. Memo. 2016-85, May 2, 2016 is an interesting case because not only does it address how much tuition a taxpayer can claim as an education credit, but also … [Read more...] about TUITION EXPENSES – HOW MUCH CAN YOU CLAIM AS A TAX CREDIT?
HEALTH SAVINGS ACCOUNT – AN ALTERNATIVE STRATEGY
If you own a Health Savings Account (HSA), you likely contribute to the plan each year and then withdraw funds from the plan to pay for medical expenses. The benefit to you as an employee is that your … [Read more...] about HEALTH SAVINGS ACCOUNT – AN ALTERNATIVE STRATEGY
RENTAL CAR INSURANCE – EXPENSIVE AND NECESSARY?
If you are like most people, you detest the daily rate that the car rental companies charge for their insurance coverage. I wish to share a personal experience with you. The last time that I … [Read more...] about RENTAL CAR INSURANCE – EXPENSIVE AND NECESSARY?
TALE OF TWO TAXPAYERS AND NON CASH CHARITABLE CONTRIBUTIONS
This is a tale of two taxpayers being audited by the IRS for non-cash charitable contributions. Let’s see how their audit exams went. Taxpayer A (let’s call her Mary) made $3,000 worth of … [Read more...] about TALE OF TWO TAXPAYERS AND NON CASH CHARITABLE CONTRIBUTIONS
DEFERRED COMPENSATION – HOW IS IT TAXED?
Some employers allow employees to defer current earnings until their retirement years. There are numerous rules regarding the taxation of deferred compensation which may include how long the … [Read more...] about DEFERRED COMPENSATION – HOW IS IT TAXED?
EDUCATION EXPENSES THAT ARE NOT TAX DEDUCTIBLE
Ronald Weiszmann (Weiszmann v. Commissioner, U.S. Tax Court) graduated from college as an engineer. Not wishing to be employed as an engineer, Mr. Weiszmann took a job with Marathon Oil Company as a … [Read more...] about EDUCATION EXPENSES THAT ARE NOT TAX DEDUCTIBLE
