Start Planning Now If You’d Like To Deduct Medical Expenses

Posted on September 17, 2013

Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to the extent that they exceed 10% of your adjusted gross … Continue reading →

IRS Makes More Same-Sex Couples Eligible For Federal Tax Treatment As A Married Couple

Posted on September 10, 2013

In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, such as filing status, … Continue reading →

Owners Of Leasehold, Restaurant And Retail Properties Must Act Soon To Enjoy Extended Depreciation-Related Breaks

Posted on September 3, 2013

In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying leasehold improvements made in 2013. Section 179 expensing. Congress revived … Continue reading →

You Can Still Use ESA Funds To Pay Elementary And Secondary School Costs

Posted on August 27, 2013

As the kids head back to school, it’s a good time to think about Coverdell Education Savings Accounts (ESAs). One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren’t … Continue reading →