Every year there are just so many changes in the tax law and it seems that we really have to be on top of things for us to take advantage of the various tax savings. In tax year 2009, there are a lot of tax benefits that sprung out to help the American people weather the economic storm. The government passed the American Recovery Reinvestment Act creating more tax benefits to … [Read more...] about 2009 Tax Benefits Extended in 2010
Tax News and Updates
OTC Drugs and Medicines Affected by the Health Reform Act
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 coverage. You see, taking advantage of the … [Read more...] about OTC Drugs and Medicines Affected by the Health Reform Act
Audit Finds the IRS Inability to Track the Home Buyer’s Credit
For a change, the IRS are the ones who got audited. A recent article in the Los Angeles Times stated that  an audit raises questions about the IRS ability to track home buyers credit. The auditor found that the IRS lacks a system to keep track or to monitor on the individuals who claimed the home buyers tax credit. In fact, the auditors identified that the IRS had incorrectly … [Read more...] about Audit Finds the IRS Inability to Track the Home Buyer’s Credit
How The Health Reform Act Affected My Employee Benefits
It’s that time of the year again for our employee benefits annual enrollment, which is on October 1 thru October 30, 2010, and I just received a newsletter which includes the preview of the upcoming changes. The annual enrollment from my work allows me to make changes on the following benefits: Health Insurance Dental Insurance Accidental Death and Dismemberment … [Read more...] about How The Health Reform Act Affected My Employee Benefits