For the foreseeable future, a number of tax credits for home energy efficiency improvements will go away at the end of 2011. Here are some credits that apply to improvements made to a taxpayer’s principal residence. Read the full article

As the end of the year approaches, mutual fund owners may benefit from examining their holdings and considering some timely sales. Read the full article

Quite a few taxpayers did Roth conversions last year, taking advantage of the change in conversion eligibility rules. But for some of them, now might be the time for a do-over. Read the full article

It’s unclear whether significant tax reforms will be enacted for 2012, so year-end planning could be tricky this year. Still, there are some tax strategies that should at least be examined for possible implementation before 2011 ends. Read the full article

Today is the 150th anniversary of the US income tax. Originally established to fund the Civil War, the Federal income tax underwent various changes, with the basic system we have today being established in 1913. It seems appropriate, on this anniversary, to note that we can expect to see some significant changes in the structure of the income tax code later this year. Read the full article

Now that Congress has extended lower tax rates through 2012, taxpayers should have an easier job deciding which taxation option to take for the conversion. Read the full article

Both the House and Senate have passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and the bill is expected to pass into law soon. What goodies does it hold for taxpayers? Read the full article

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

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

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

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

Many employers offer Flexible Spending Accounts (FSAs) that can be used to pay for healthcare expenses not covered by health insurance. If you participate in one, the money that you have withheld in the account has use-it-or-lose-it status. In some plans, the deadline for spending funds contributed in 2008 was 12-31-08, but many plans have taken advantage of an IRS provision that allows prior-year FSA funds to be used up to 2.5 months after yearend. The deadline this year is March 16th (the 15th is a Sunday).

FSA funds can be used to pay for co-payments, deductibles, or other expenses not covered by your health insurance. In addition to prescription drugs, the IRS has ruled that FSA funds can be used for certain over-the-counter medications.

A number of online over-the-counter drug vendors provide information at their sites regarding which medicines qualify as FSA-reimbursable expenses. Medications for acne, cold medications, pain relievers, and a wide variety of other items can be purchased to use up remaining funds in your account (the IRS frowns on “stockpiling,” though, so don’t buy thirty bottles of Beano®). Be sure to maintain receipts showing the items purchased so that you can substantiate the eligibility of your expenses.

Any funds not used by the deadline are lost to you, so if you’re not sure when your FSA’s deadline is and you have money left from last year's funds, check to be certain. Read the full article

The Emergency Economic Stabilization Act of 2008 (a.k.a. “the Bailout Bill”) changed the reporting requirements for annual tax statements from brokers. Form 1099-B, which formerly had to be sent by January 31, is now due on February 17 this year (the statutory date is February 15, but in 2009 that's a Sunday and the 16th is Presidents' Day). Read the full article

I’ve already written elsewhere about year-end tax minimization strategies. With a little more than a week left in 2008, time is drawing short for carrying out many of them. Here's something you still have time to do: charitable giving. Read the full article

With stock markets down precipitously and few asset classes that haven’t declined significantly this year, many investors in 529 college savings plans are wondering what to do. In some situations, it may make sense to make a change in your child’s 529 plan. Read the full article

In my earlier post on Roth IRA conversions, I noted that if you converted an IRA into a Roth earlier this year it may make sense to recharacterize the funds if the value of your account has slumped and you still owe taxes on the earlier, larger conversion amount. I also stated that you can’t go back this year and do another conversion. However, I realized that there is a way to sort of do a conversion/recharacterization/reconversion. Read the full article

As 2008 draws to a close, take some time to consider what you can do before year-end to reduce your income tax bill. Read the full article

With stock market indices down 30% or more from their January 1st levels, most investors are battered, bruised, and hoping for happier times. In the midst of a generally depressed stock market, there are still a couple of clever ways to make the most of a bad situation using a Roth IRA. Read the full article

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