I have always utilized my Health Flexible Savings Account (HFSA) from work because it is very generous when it comes to getting tax breaks. I have saved tax dollars year after year for items such as over-the-counter medicines, insurance co-pay deductibles, eye care and other health expenses that are normally not covered by my insurance [...]
Your job may require you to pay out-of-pocket costs but your employer may not reimburse you for those expenses. When this happens, you may be able to deduct those expenses on your tax return. So the question is what can you deduct and how do you report it on your tax return?
Last week, we’ve talked about why you should maximize your above-the-line deductions or adjustments to your gross income. The AGI (or adjusted gross income) are used when calculating some limitations for your other deductions or credit. You see, you do not have to itemized your expenses for you to claim these deductions. This means that [...]
Finding the right business is never easy. The last thing you want to do is to start something and waste your time on it and later find out that it is not for you. There are a lot of opportunities out there and it seems that each one of them is promoted as the best business available. So what do you do and where do you start?
Government employees retirement plans are very similar to the private sectors because the tax contribution are deductible, the interest earned are tax deferred, and there are matching contributions provided. The difference probably is how it is named in the tax code. You are probably very familiar with the 401(k) plans because most companies have these. [...]
Retirement plans are now all over the place as more people become aware of the importance of them. The government has been supporting this by providing various tax breaks because they are letting us know that we cannot rely on social security benefits alone. If you are self-employed, there are retirement plans for that. And [...]
Explains what a corporation is, what are the advantages and disadvantages when choosing this as your business entity, and the common federal tax forms used.
Town home is a hybrid between a condominium and a single family house. It is similar to a condominium because townhomes are usually clustered together to create a community with common areas like swimming pools, playgrounds, gated community, etc. Thus, requires a governing body called the Home Owner’s Association. On the other hand, it is [...]