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Obamacare Adds New Levels of Complexity to Tax Returns

Obamacare – or, more officially, the Affordable Care Act (ACA) – insurance mandate, along with its health insurance premium subsidies available from insurance marketplaces, premium tax credit (PTC), and penalty for not being insured, is going to affect just about every taxpayer in one way or another.

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When Can You Dump Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed.

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Tax Breaks for Charity Volunteers
If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply.

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Naming Your IRA Beneficiary – More Complicated Than You Might Expect
The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important.

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Health Savings Accounts Offer Tax Breaks
A health savings account (HSA) is a trust account into which tax-deductible contributions can be deposited by qualified taxpayers who have high-deductible medical insurance plans. These accounts are set up at a bank or other financial institution. Income earned on the HSA balance is income tax-free. The funds from these accounts are then used to pay qualified medical expenses not covered by an eligible individual’s medical insurance.

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