Time for Education Tax Planning. If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about education tax credits:
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start.
IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; Basic Rules for Property Transactions ApplyPosted March 30th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author
WASHINGTON — The Internal Revenue Service issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.
If you own or run a small business or tax-exempt group with fewer than 25 full-time employees, then listen up. If you do, you should know that the SMHCTC Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are several things that you should know about this important credit:
Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return.
Summary: The Internal Revenue Service (IRS) does not require that offshore real estate be reported as a foreign financial asset held by American expatriates or United States federal government employees working overseas. Persons who own and occupy offshore homes are taxed the same as having domestic real estate with the exception of depreciation, which must be deducted over 40 years. They may claim the principal residence exclusion if IRS requirements are met. The foreign housing exclusion applies only to the amounts paid by the employer, whereas the foreign housing deduction applies only to the amounts paid from self-employment earnings. The foreign housing allowances for federal government employees are exempt from taxation and not reported as taxable income. Federal government employees may claim the foreign housing exclusion only if the total housing expenses exceed the reimbursement rate of the federal housing allowance paid during the same tax year.
A financial products sales tax proposed by Rep. Chris Van Hollen, D-Md has caused concern in US regulatory bodies such as SIFMA.
Many people donate to charity each year during the holiday season. Remember, if you want to earn a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:
Summary: The financial and tax situations of expatriate taxpayers become more complex when assets are acquired, investments are made, and-or business activities are conducted overseas. Expatriates often require assistance managing their investments, minimizing their tax burdens, complying with offshore tax reporting requirements, and manage wealth through tax and estate planning. Expatriate investors should seek international financial and tax professionals from globally-recognized certification bodies to manage wealth and adhere to the regulatory compliance measures associated with banking and taxation reporting requirements.
Medi-Cal is the state of California’s version of Medicaid, a state and federally funded health insurance program that assists in the necessary care of low-income families and seniors. One of the benefits in qualifying for Medi-Cal is the access to long-term care insurance. Recent research has indicated that 70% of people who are 65 years or older will need long-term care insurance at one point in their life. In 2014, the national average for assisted living rates was $3,500, while the median retirement income was only $2, 925 a month. Without access to long-term care insurance, the average retiree would be hard pressed to afford the necessary care.