by apexcpas | Jul 4, 2018 | Tax Planning
As a result of changes made by the Affordable Care Act, health coverage provided by your employer for your children under 27 years of age is generally tax-free. Effective March 30, 2010, this expanded healthcare tax benefit applies to various workplace and retiree...
by apexcpas | Jul 4, 2018 | Tax Planning
In a recent case, the Tax Court ruled that payments made to caregivers for providing physician-ordered assistance and supervision to a patient suffering from dementia qualified as long-term care services and were thus deductible amounts paid for medical care. The...
by apexcpas | Jul 4, 2018 | Tax Planning
With the 2012 election cycle in its early days, it is only a matter of time before your phone starts to ring with candidates and political organizations soliciting monetary contributions. For many years, questions have been raised as to whether contributions to...
by apexcpas | Jul 4, 2018 | Tax Planning
Many young people have summer jobs or will be going off to college soon and getting jobs to help foot the bill. Here are six tips from the IRS about employment that you may want to share with your children who are working. When you first start a new job, you must fill...
by apexcpas | Jul 4, 2018 | Tax Planning
The courts continue to be confounded over the question of whether an overstatement of basis that causes an understatement of gain or overstatement of loss on the sale of an asset is an event that allows the IRS to invoke the six-year statute of limitations. The...
by apexcpas | Jul 4, 2018 | Tax Planning
The Tax Court has refused to allow a theft loss deduction to a senior citizen who claimed he was swindled out of his retirement savings. Oscar C. Hawaii owned and operated a small trucking business. By early 2005, he had accumulated retirement savings of approximately...