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The IRS announced next year’s contribution limits for health savings accounts (HSAs), as well as requirements for high-deductible health plans (HDHPs) to which HSAs must be linked (Rev. Proc. 2022-2...

Employees have their tax obligations met largely by income tax withholding from each paycheck. If you are working as a self-employed individual so that you're not on the payroll as an employee, you do...

Those who were in contract by April 30, 2010, to purchase a home that would qualify them for a tax credit as a first-time buyer or long-term resident now have more time to complete the sale. Originall...

The American Recovery and Reinvestment Act of 2009 created a new deduction for state and local sales and excise taxes paid on the purchase of a new motor vehicle. But what if you live in Alaska, Delaw...

Gain on the sale of a principal residence can be excluded up to $250,000 ($500,000 for joint filers). This exclusion applies only if the homeowner has owned and used the residence for at least 2 of th...

The National Taxpayer Advocate Erin M. Collins released to Congress a mid-year report noting the good things and the bad things about IRS activities as well as to make recommendations for improvement ...

Unfortunately, you may only make one IRA rollover during any 12-month period, regardless of the number of IRAs you own. Because of this rule, your second rollover needs to be addressed now. If the sec...

In February, the president announced his $3.6 trillion budget for the 2010 fiscal year for the federal government. Now, he has fleshed out some of the income tax changes that are key to his budget; bo...

Large estates of decedents who died in 2011 have an option: Use the new estate tax rules, which include a $5 million exemption and stepped-up basis for heirs, or pay no tax regardless of the size of t...

If you've given money to the American Red Cross, Americare, or other charitable organization providing assistance in the wake of the Japanese earthquake and tsunami, you won't be able to deduct your c...