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No. Medicare benefits are tax free; they don’t count as income for determining filing and are not taxed. What’s more, Medicare premiums are tax deductible if you itemize your personal deductions a...
No, there is no carryback for capital losses. Capital losses can offset capital gains and up to $3,000 of ordinary income. Any capital loss over this limit can be carried forward indefinitely to offse...
Eligibility for a health savings account (HSA) is determined for each individual. If you qualify, you can set up an account for yourself even though your spouse is ineligible for one because of being ...
No. Trustees or issuers of traditional IRAs must furnish Form 5498 to participants each year if there is a contribution (including a rollover) or a distribution. It is merely an information return tha...
The home office deduction is allowed for both employees and self-employed individuals, with this difference: employees must use their home office for the convenience of the employer (not for personal ...
Not yet. The more than four dozen tax rules that expired at the end of 2014 have yet to be extended for 2015. Stay tuned!...
You must attach your own statement to your tax return that includes the following information: The transaction was a loan and not a gift (this can be proven by showing a promissory note that inclu...
For 2014, large employers were required to report coverage on employees’ W-2 forms; small employers could do so voluntarily. Employers could also voluntarily report coverage to employees on Form 109...
It’s time to look at a calendar to see whether you meet the time test for the home sale exclusion. You must have owned and used the home as your principal residence for at least two of the five year...
Suspended passive losses become deductible in the year in which there is a complete disposition of the property in a fully taxable event to an unrelated party. The fact that the losses remained suspen...
No. Medicare benefits are tax free; they don’t count as income for determining filing and are not taxed. What’s more, Medicare premiums are tax deductible if you itemize your personal deductions a...
No, there is no carryback for capital losses. Capital losses can offset capital gains and up to $3,000 of ordinary income. Any capital loss over this limit can be carried forward indefinitely to offse...
Eligibility for a health savings account (HSA) is determined for each individual. If you qualify, you can set up an account for yourself even though your spouse is ineligible for one because of being ...
No. Trustees or issuers of traditional IRAs must furnish Form 5498 to participants each year if there is a contribution (including a rollover) or a distribution. It is merely an information return tha...
The home office deduction is allowed for both employees and self-employed individuals, with this difference: employees must use their home office for the convenience of the employer (not for personal ...
Not yet. The more than four dozen tax rules that expired at the end of 2014 have yet to be extended for 2015. Stay tuned!...
You must attach your own statement to your tax return that includes the following information: The transaction was a loan and not a gift (this can be proven by showing a promissory note that inclu...
For 2014, large employers were required to report coverage on employees’ W-2 forms; small employers could do so voluntarily. Employers could also voluntarily report coverage to employees on Form 109...
It’s time to look at a calendar to see whether you meet the time test for the home sale exclusion. You must have owned and used the home as your principal residence for at least two of the five year...
Suspended passive losses become deductible in the year in which there is a complete disposition of the property in a fully taxable event to an unrelated party. The fact that the losses remained suspen...
