Archives

Jul
12
2019

Is an HSA right for you?

A Health Savings Account (HSA) offers tax-advantaged funding of health care costs. If you have a qualified high-deductible health plan, you can contribute to an HSA sponsored by your employer or set up by you. You own the account, which can bear interest or be invested. It can grow tax-deferred, similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over a balance from year to year. So unlike Flexible Spending Accounts (FSAs),

Jul
11
2019

Divorce or separation may have an effect on taxes | Internal Revenue Service http://bit.ly/2l4H9In 

Jul
10
2019

If your kids are off to day camp, you may be eligible for a tax break

Now that most schools are out for the summer, you might be sending your children to day camp. The good news: You might be eligible for a tax break for the cost. Day camp is a qualified expense under the child and dependent care credit, which is worth 20% to 35% of qualifying expenses, up to a maximum of $3,000 for one qualifying child and $6,000 for two or more. Note: Sleep-away camp doesn’t qualify.

Jul
08
2019

If you call the IRS, be prepared to identify yourself

If you call the IRS, be prepared to identify yourself. Tax-related identity theft is on the rise. That’s why the IRS says its call center professionals take great care to ensure they discuss personal information only with taxpayers (or authorized representatives). Before calling the IRS, have this information ready: your Social Security number or individual taxpayer identification number; filing status; your prior year tax return; a copy of the return in question; and IRS letters or notices you’ve received.