Income Tax

August 10, 2016 

Suppose that your personal residence is substantially damaged and will cost you tens of thousands of dollars to fix. Is the repair cost deductible on your tax return as a casualty loss? It doesn’t always seem fair, but it depends on whether the ...

August 8, 2016 

Normally, you can deduct the full amount of mortgage interest you’re required to pay on your principal residence and one other home such as a vacation home. But sometimes you might bump up against these two tax law limits, especially if you’re a ...

July 31, 2016 

A provision for retirement planning services was added to the tax code back in 2001. As long as certain requirements are met, these benefits of such a program, which are usually reasonable in cost, are tax-free to employees and deductible by the ...

July 26, 2016 

The grant was presented by Sage Chief People Officer, Sandra Campopiano to Director of Business and Corporate Relations at Brave Initiatives, Jen Kamins, in front of an audience of nearly 15,000 at McCormick Place. Speaking after presenting the check, ...

July 26, 2016 

As the final weeks of summer tick away, back-to-school sales are ramping up and it's time to think about getting those kids back in the classroom. It's also a good time to think about a variety of tax breaks and deductions available for qualifying ...

July 25, 2016 

Generally, the IRS says that the value of lodging furnished to an employee may be excluded from taxable wages only if it meets the following three conditions. (Different tests may apply to lodging furnished by educational institutions.)

July 21, 2016 

The bad news is, if you are paying more than $2.5k per year in student loan interest, the excess is not deductible and cannot be carried forward. Also, if you are making more than $65k per year, the deduction begins to phase out, and if you are making ...

July 20, 2016 

Under the ACA, employers are generally required to provide at least minimal essential coverage to full-time employees. Beginning in 2016, the employer mandate applies to employers with 50 or more employers. (Smaller businesses are exempt.)

July 13, 2016 

If there’s one thing we all have in common, it’s that no one enjoys filing taxes. But, according to recent studies, millennials feel particularly anxious about the annual process.

July 8, 2016 

To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...

July 6, 2016 

Leaders from the Internal Revenue Service, state tax agencies and tax preparation community are warning tax preparers that they increasingly are targets of cybercriminals and should take appropriate steps to protect clients from data theft.

July 6, 2016 

If some of your employees are looking to go back to school, or to enroll in college courses for the first time, you might decide to lend a helping hand. An employer can set up a program that effectively pays for all or most of the costs on a tax-free ...