With the Affordable Care Act in full effect, taxpayers understandably have concerns about how the ACA will affect their returns this year. In fact, this new health care law may have significant implications and even substantial penalties if you failed to comply fully with it.
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A growing number of people provide care and assistance for their relatives This support can include paying for a loved one's medical expenses, transportation to and from the doctor's office, covering the costs of prescriptions, or even remodeling this person's home to make it safer and more accessible.
If you have recently purchased a home, you may qualify for a tax credit. This is a credit that is typically awarded to help you pay off part of your home. However, not everyone qualifies for this tax credit, nor may they be benefited by it, so it is important to understand exactly how the credit works and how it will positively or negatively affect you in the long run. Let’s take a look at some of the key things to consider in regard to the homebuyer tax credit:
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When you're planning for retirement, it can be a bit confusing to decide exactly how to invest your money. Many employers offer 401(k) plans for their workers, but some may wonder if an IRA would offer a better investment return. Here's a look at the differences between a 401(k) plan and an IRA. Comparing both forms of investment can help you decide which one is better for you.
Moving to a new home can be a stressful experience. After you finish finding boxes, packing everything up, and unloading it all, the tax impact of your move may be the last thing on your mind. In some situations, though, moving to a new residence can actually increase your tax refund. If you meet the IRS requirements, you can deduct moving expenses on your tax return.
Raising a child can cost a lot of money, so parents will want to take advantage of every tax break they can get. Fortunately, the IRS allows parents to claim several tax breaks based on their child care expenses. The key is learning which deductions you are eligible to claim. Here are four tax tips for parents who want to reduce their tax liability!
As the name implies, a health savings account (HSA) is a bank account where individuals can save money toward current and future health care expenses. In a way, an HSA serves as a 401(k) fund for health care costs, because it allows individuals to save money for a specific purpose while earning interest on the funds. While anyone can have an HSA, there are requirements for those who want to use their expenses to gain income tax benefits. Here are a few of the tax benefits of a health savings account.
When a wealthy celebrity dies, news reports might mention the estate tax that is levied against the assets afterward. The estate tax is often nicknamed the "death tax" because it only comes into force following a death, but it's not actually a tax on death. What is the estate tax? Who is required to pay it? Does the IRS offer any estate tax deductions?
On some tax forms, you may notice the term "excise tax." What is an excise tax? Who has to pay an excise tax? Where does an excise tax come from? Does it have any effect on your income tax return? Here is a quick primer on what excise taxes are and how they work.
Taxpayers who invest in real estate realize that the home mortgage interest deduction is one of the easiest and most commonly claimed real estate tax deductions. According to IRS guidelines, homeowners may deduct the home mortgage interest they pay during the year, as long as the property meets certain guidelines. If you've been wondering how you can claim the mortgage interest deduction, here's a primer on the requirements and qualifications.
