by apexcpas | Jul 4, 2018 | Tax Planning
For plan years beginning after Dec. 31, 2012, salary reduction contributions to health flexible spending arrangements will have a statutory annual limit of $2,500. Prior to the Pension Protection Act of 2006, no statutory limit existed for the amount of salary...
by apexcpas | Jul 4, 2018 | Tax Planning
The simplest personal tax form, Form 1040-EZ, is only one page. But it comes with a 42-page instruction booklet. Douglas Shulman says he uses a hired tax preparer because the U.S. tax code is so complex. And he is the IRS commissioner. The Internal Revenue Code...
by apexcpas | Jul 4, 2018 | Tax Planning
A deadline to receive a tax credit is approaching for employers who have hired military veterans. Congress expanded the Work Opportunity Tax Credit late last year for employers that hire eligible unemployed veterans. Normally, an employer must file Form 8850,...
by apexcpas | Jul 4, 2018 | Tax Planning
If you own a summer home or vacation property, you can rent it out tax-free for up to two weeks each year. You do not have to pay tax on the rental income. If a property is rented for less than 15 days, the rent you receive does not have to be reported as income on...
by apexcpas | Jul 4, 2018 | Tax Planning
The Tax Court has disallowed a married couple’s cash charitable contribution deduction to their church. David and Veronda Durden made charitable contributions totaling more than $25,000. The Durdens had canceled checks supporting their deduction, and most of the...