FSAs and HSAs allow taxpayers to make tax-free contributions to pay for out-of-pocket (co-pays and deductibles) medical expenses. The monies contributed to these plans are shielded from personal … [Read more...] about Flexible Spending Account (FSA) vs. Health Savings Account (HSA)
IRS Tax Planning Ideas, Tips & News
How to Lose Social Security Benefits
If you are self-employed and procrastinate filing your personal income tax returns, you not only run the risk of losing a tax refund because your Form 1040 return was filed after the statute of … [Read more...] about How to Lose Social Security Benefits
Crypto Currency and Taxes
Remember the days when Swiss banks (as well as banks in other countries) refused to reveal their customers’ names? Some very wealthy Americans placed their assets in these foreign banks to hide them … [Read more...] about Crypto Currency and Taxes
Tax Rule Changes Regarding Sale of Stock
Tax Rule Changes Regarding Sale of Stock New Rule Becomes Effective January 1, 2018 Effective January 1, 2018, assuming that the proposed tax law changes go into effect, taxpayers will no longer … [Read more...] about Tax Rule Changes Regarding Sale of Stock
$10,000 Self-Prepared Form 1040 Error
A new client recently walked into our office. He had been self-preparing his personal tax returns for quite a few years using TurboTax and received an audit inquiry from the IRS. He did what many … [Read more...] about $10,000 Self-Prepared Form 1040 Error
Required Minimum Distributions (RMDs) – The Basics
Once age 70 ½ is reached, you need to take your first required minimum distribution (RMD) from your IRA accounts. You turned 70 ½ in 2017 if you were born between July 1, 1946 and June 30, 1947. You … [Read more...] about Required Minimum Distributions (RMDs) – The Basics
