Archives 2011

A health savings account (HSA) is a tax-exempt trust or custodial account. You establish an HSA with a qualified HSA trustee to pay or reimburse the medical expenses you incur.…

If you itemize deductions, you may deduct the amounts you paid for medical and dental expenses that exceeded 7.5% of your adjusted gross income (AGI). The deduction is allowed for…

f you make your living at least partly by tips, be aware of these tips about tip income: Tips are taxable. Tips are subject to federal income, Social Security and…

Debt forgiveness usually is considered taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven…

The federal income tax is a pay-as-you-go tax. You must pay taxes as you earn or receive income throughout the year. There are two methods for paying taxes: WithholdingIf you…

When dealing with taxes – as with everything else in life – people make mistakes. So, the IRS has made it possible to correct your mistakes if they’re made on…

Are you expecting a refund from the IRS this year? Here are the top 10 things you should know about your refund: Refund options – You have two options for…

If you haven’t received a Form W-2 from your employer by January 31, you should take these steps: Ask your employer if and when the W-2 was mailed. If it…

Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of 2011 count for 2011. This is true even if the credit card…

To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity…