Archives 2010

Don’t panic. If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to…

The tax impact of debt forgiveness or cancellation depends on your individual facts and circumstances. Generally, if you borrow money from a commercial lender and the lender later cancels or…

Unemployment compensation you received under the unemployment compensation laws of the United States or of a state must be included in your income. It is taxable income. If you received…

The IRS began its endeavor into the world of electronic services by partnering with industry and the tax professional community. That partnership has continued to today and has allowed the…

An Adoption Credit of up to $12,170 is allowed for the qualifying costs of adopting a child under the age of 18, or a person who is physically or mentally…

Taxpayers who paid income, war profits, or excess profits taxes to any foreign country or U.S. possession may be able to take a Foreign Tax Credit (FTC) for taxes paid.…

Special rules apply to children of divorced or separated parents. Taxpayers who are the custodial parents can treat the child as a qualifying person even if they cannot claim the…

Health reimbursement arrangements, also known as “health reimbursement accounts” or “personal care accounts,” are a type of health insurance plan that reimburses employees for qualified medical expenses. The U.S. Department…

Medical savings accounts are savings accounts used to pay for unreimbursed health care expenses. These accounts can accumulate tax-deferred interest similar to individual retirement accounts (IRAs). Authorized by Title III…

Health care flexible spending accounts are employer-established benefit plans that reimburse employees for specified medical expenses as they are incurred. These accounts are allowed under section 125 of the Internal…