You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not includible in your income. Do… Read More »When is income taxable, and when is it not?
Open your wallet and compare your debit and credit cards. Both probably sport a logo, an embossed account number, an expiration date and, of course, your name. Both may even… Read More »Check out the pros and cons of debit cards
Although gas prices have declined in recent months, inflation isn’t dead. In fact, history suggests that over time gas prices will continue their inexorable march upward. That’s why prudent consumers… Read More »Tips for saving money on gas
Are you considering post-retirement employment? If you’re collecting social security and thinking of returning to the work force, you may have questions about the effect of that income on the… Read More »When are social security benefits taxed?
The Omnibus Transportation Employee Testing Act of 1991 requires drug and alcohol testing of safety-sensitive transportation employees in aviation, trucking, railroads, mass transit, pipelines, and other transportation industries. DOT publishes… Read More »Omnibus Transportation Employee Testing Act of 1991
Qualified Plug-in Electric Drive Motor Vehicles (IRC 30D) Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. Some… Read More »Plug-In Electric Vehicle Credit (IRC 30 and IRC 30D)
Taxpayers who decide they need assistance when preparing a tax return should choose a tax preparer with care and caution. Even if a return was prepared by an outside individual… Read More »How to Choose a Tax Return Preparer and Avoid Preparer Fraud
Alternative Minimum Tax (AMT) There are several changes affecting Alternative Minimum Tax for 2009. Child-Related Tax Changes Information on adoption benefits, child’s investment income, the definition of a qualifying child,… Read More »Tax Changes for Individuals
For the first time ever, taxpayers can convert a traditional IRA to a Roth, regardless of their annual income. Previously, conversions weren’t allowed for taxpayers with a modified adjusted gross… Read More »Benefit from Roth “ordering rules”
The buzz about Roth IRA conversions is getting louder. And why not: For the first time ever, higher-income taxpayers can convert their traditional IRAs into a Roth. Beginning in 2010,… Read More »Roth IRA conversion in 2010
2008 Changes The social security and Medicare wage threshold for household employees is $1,600 for 2008. This means that if you pay a household employee cash wages of less than… Read More »Wage Threshold for Household Employees
The standard deduction for people who do not itemize their deductions on Schedule A (Form 1040) is, in most cases, higher for 2009 than it was for 2008. In addition… Read More »Standard Deduction Increased