Tue, October 26, 2010
One of the provisions of the health care bill was a change in the rules that apply to flexible savings accounts (FSAs), health savings accounts (HSAs) and other health savings plans. After December 31st of this year, the cost of over-the-counter drug purchases will no longer qualify for reimbursement from these plans. After the end of 2010, only insulin and prescription purchases will be reimbursable.
There's a small exemption provided for plans that use debit cards; these purchases remain qualified through January 15, 2011. The IRS is providing further information on changes in the reimbursement rules for over-the-counter medicines and drugs at its web site.
Read the full article
Fri, August 06, 2010
After taking a one-year hiatus, the Commonwealth of Massachusetts is again joining several other states in giving consumers a two-day “sales tax holiday.” Read the full article
Thu, December 31, 2009
It looks like Congress won’t get around to fixing the estate tax before this year ends. Aside from boosting the incomes of estate planning attorneys, this doesn’t help anyone. Read the full article
Sat, December 12, 2009
For many people, December is the riskiest month in which to buy into a new mutual fund in a taxable account. This has nothing to do with the gyrations of the stock market, and everything to do with taxes. Read the full article
Wed, December 09, 2009
As the end of the year approaches, it’s always a good idea to take see if there are any last-minute moves that make sense for you. Here are four opportunities for tax savings: Read the full article
Tue, October 27, 2009
Under the Worker, Retiree, and Employer Recovery Act of 2008, Required Minimum Distributions (RMDs) for 2009 from IRAs were waived. People who inadvertently received a distribution were confused about their options, but the IRS has issued clarifying guidance. Read the full article
Sat, October 24, 2009
As the November 30th deadline for the $8,000 first-time homebuyers credit approaches, members of both the House and the Senate are floating ideas for ways to extend the credit. Read the full article
Tue, October 06, 2009
At this time of year it’s a good idea to look for last-minute opportunities to minimize your taxes. Most opportunities require some action before the end of the calendar year; here are several ideas to consider. Read the full article
Thu, September 17, 2009
Home mortgage interest has been a tax-deductible expense on Federal tax returns since 1913. But in a report issued recently, the General Accounting Office (GAO) has recommended that the IRS do a better job of enforcing the rules that apply to the mortgage interest deduction. Read the full article
Fri, August 28, 2009
SIMPLE IRA plans give small employers an easy way to make employer matching contributions to an employee's retirement plan. The administration of these plans is much simpler for employers than most other retirement plans, but SIMPLE IRAs involve twists and turns that can be confusing for the employees who own the accounts. Read the full article
Fri, August 21, 2009
The coming change in Roth IRA conversion rules has been discussed (seemingly) endlessly in the financial planning community, especially lately. What follows is a short summary of how the conversion laws will change. In future posts, I'll write more about the considerations that should go into a Roth IRA conversion decision. Read the full article
Thu, July 30, 2009
I can’t say I’m very surprised by this: the IRS is reporting its first prosecution of a fraud scheme involving the new $8,000 first-time homebuyer credit.
Read the full article
Tue, July 21, 2009
The IRS is drawing attention to the fact that the cost of sending your children to a summer day camp can qualify you for lower taxes via the child care tax credit. Read the full article
Tue, July 14, 2009
New social media, like many relatively recent offspring of the internet, are in some ways an invention in search of a need. One thing that social media can be useful for is as a means to support and encourage your favorite charities. Read the full article
Mon, June 15, 2009
The IRS announced last week that its interpretation of the American Recovery and Reinvestment Act of 2009 is that new car buyers in states without a sales tax deserve a break this year.
Read the full article
Wed, May 06, 2009
College graduation season, which lasts for several weeks, is upon us here in the Boston area. According to the National Postsecondary Student Aid Study (NPSAS), graduating seniors with educational debts carry an average debt load on the order of $20,000. More and more, college students are beginning their working lives with fairly heavy debt loads. It's more important than ever for newly-minted grads to hit the ground running with a plan for their finances.
Read the full article
Mon, April 27, 2009
A couple of weeks ago I began a primer on ISOs and some of the tax implications of exercising them. I’d like to discuss some cases in which an ISO grant is employed in a manner that is “disqualifying.” Read the full article
Thu, April 16, 2009
There are a number of companies (mostly in high-tech) that reward their employees with a form of deferred compensation called incentive stock options (ISOs). The tax rules for these stock options are complicated, but if you receive this kind of benefit, you need to understand the basic rules for them to be able to use them effectively. For some time I’ve wanted to discuss how profits from stock purchased via ISO exercises are taxed. This post, which will be the first of two parts, is more of a primer than an exhaustive discussion, but I hope it will be useful. (Keep in mind that ISO-related tax calculations can be complex; you should consult a tax adviser before implementing transactions involving ISOs). Read the full article
Wed, April 15, 2009
Periodically the IRS issues a list of tax scams that it considers especially troublesome. Most of the Dirty Dozen Tax Scams involve fraudulent tax filings and other abuses of the tax system. However, the first item on the list is “phishing:” the use of e-mails that appear to come from the IRS but that are actually from crooks looking for ways to steal bank account information, social security numbers, and other personal information.
Read the full article
Mon, April 06, 2009
The IRS provides a downloadable tax calendar that's useful for self-employed workers and small business owners. Here's a quick list of generally important dates:
Read the full article
Sat, April 04, 2009
If you haven’t yet made a 2008 contribution to an IRA or Roth IRA, remember that you must do so before April 15th. You can contribute as much as $5,000 to an IRA for 2008 provided you qualify, and you can contribute an additional $1,000 if you turned 50 during 2008. Permitted contributions are limited to the lesser of your compensation or the contribution limit that applies to your age and Modified Adjusted Gross Income status. Read the full article
Wed, April 01, 2009
The IRS is reminding taxpayers that the 2009 Stimulus Bill included a little something to help boost auto sales. Those who buy a qualifying new car, light truck, motor home or motorcycle in 2009 can deduct state and local sales tax and excise taxes paid on purchase prices up to $49,500. The deduction will be available for 2009 tax returns (only) whether one itemizes or not.
Read the full article
Return to The FFS Blog Home Page
And now, to keep my lawyers happy: This site is for educational and informational purposes only. Nothing contained here should be construed by anyone as an invitation or solicitation to buy or sell any security. This site does not contain personalized legal, tax, investment, or financial advice. Users of this site should consult with a qualified adviser to obtain advice suited to their personal circumstances. Any links provided here to other web sites are for informational purposes only. We take no responsibility for the accuracy or content of linked sites.
COPYRIGHT THOMAS A. FISHER © 2008 - 2015