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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…

Congress establishes tax rates that apply to different levels of taxable income. Current law provides rates from 10% to 35%. The higher your income, the higher your tax rate.The range…

Nontaxable income is income that is exempt from tax. Most nontaxable income is not reported. Some types of nontaxable income will be shown on the return, but will not be…

If you ever have to relocate these are states for consideration if state income tax is important to you: 1.Alaska 2.Florida 3.South Dakota 4.Texas 5.Washington 6.New Hampshire-tax dividends and interest…

1.Colorado-4.63% 2.Massachusetts-5.3% 3.Indiana-3.4% 4.Illinois- 3% 5.Utah-5% 6.Pennsylvania-3.07% 7.Michigan-4.35% NB- this is not the same as sales tax.

Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Qualified principal residence indebtedness: This is the exception created by the…

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes,…

As tax season nears the end it is important to understand the math behind Refunds and balance due. Form W4 is the key difference maker to both Refund and balance…