Employer Provided Benefits
An employer can provide many different forms of medical coverage benefits to its employees. Some are tax advantageous for the employee, while other plans are required to be included as income.
Private Mortgage Insurance
Private Mortgage Insurance protects the lender in case of default of the homeowner to pay the mortgage. It is generally required for mortgages with less than a 20% down payment.
Withholding Federal and State Tax For Employees
Withholding is the method the government developed to help Americans prepay their tax bills.
Business Automobiles—Lease vs. Buy
If your business needs an automobile, you need to consider the tax consequences of buying or leasing the vehicle.
Employee Stock Purchase Plans (ESPP)
An employee stock purchase plan (ESPP) is a plan that allows a company to compensate a broad group of employees with options to buy the company’s stock at a specified price, usually at a discount. Many large companies use these plans as an employment incentive, giving employees an opportunity to share in the growth potential of the company’s stock. Generally, the employee is not taxed at the time the stock is purchased.
Expanded IRA Rollover Rules
The Economic Growth and Tax Relief Reconciliation Act of 2001 included provisions that should simplify many investors’ retirement accounts, and possibly decrease the number of separate accounts needed.
Mortgage Refinance Fees that are Deductible
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
What is a Home Equity Line of Credit?
A home equity line of credit is a secured loan, which uses the borrower’s home as collateral, and allows the borrower to draw funds as needed and offers various repayment option at variable interest rates.
Check 21—Proving Tax Deductions without Canceled Checks
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?
Sources of Education Loans
With the average cost of a higher education increasing, families often find that they need assistance to pay for their children’s education. If a student does not qualify for scholarships or grants, the next source for funds is an education loan. Currently, over 50% of financial aid comes in the form of loans.