Archives October 2010

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…

A death tax is a tax on the right to transfer property or to receive property upon the death of the owner. Consequently, a death tax falls into the category…