Category: Personal Finance
IRS website explains tax provisions of the health care law; provides guide to online resources
In July, we told you that large employers could take more time implementing the new "Obamacare" health insurance changes. Now, the IRS has launched a new Affordable Care Act Tax Provisions website at IRS.gov/aca to educate individuals and businesses on...
The Moans and Groans of Student Loans
Today, most college students have to get student loans to pay for higher education. Upon graduation, you have to start repaying those loans. This can be a daunting task in many ways. Here are some ideas that may make the...
Prepare your child for 2055(!) by making an IRA Contribution
A child or teen working a summer job may be eligible to make an annual contribution to an IRA. To be eligible, the child must have earned income that could be from a full-time or part-time job, or other activity...
First-time offenders offered abatement from IRS
The IRS has updated its First-time Abate (FTA) policy, which allows a first-time non compliant tax payer abatement of certain penalties for a single tax period. The change comes after an April 2013 report from the Treasury Inspector General for...
Seniors and Caregivers can find resources in one place at www.sacrn.org
Michigan seniors and their caretakers looking for help in everything from making life-altering decisions to taking care of daily tasks can turn to the Senior & Caregiver Resource Network, a trusted, caring group of local professionals providing solutions for Seniors...
Tax tips to remember when renting out your vacation home this summer
Summertime is vacation rental time, and if you're the landlord of a property used for vacation rentals, the IRS has provided tips on renting a house, cabin, apartment, condominium, mobile home, or boat. Rental income must be reported as taxable...
LGBT couples, don’t forget about the 1099-INT
A reminder from the Pittsburgh Post-Gazette about the extra step lesbian, gay, bisexual and transgendered couples (and any other non-married couples sharing a bank account) need to take to stay on the good side of the IRS: 1099-INT spells trouble...
SR Client Question: Can I deduct my medical and dental expenses?
If you paid for medical or dental expenses last year, you may be able to get a tax deduction for costs not covered by insurance. However, there are seven facts you should know about claiming the medical and dental expense...
Defer Tax with an Installment Sale
When you sell an asset on installment, you may be able to avoid paying tax in the year of sale and instead pay tax on your gain as you receive payments over future years. Under the tax law, an installment...
SR Client Question: Can I deduct a bad debt to a family member?
It happens, your relatives ask to borrow some money, and you, against your better judgment, loan them the money….. It is not unprecedented that some (ok, most) of these loans do not get paid back. When loans among family members...