Author Archives: pswcpa

2014 Health Savings Account Limits

The IRS has released the 2014 contribution limits for Health Savings Accounts.  For an individual with self only coverage the limit will be $3,300 and for family coverage the limit increases to $6,550.  To qualify you must have a high … Continue reading

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Amending 2009 Personal Income Tax Returns

The time to make any changes to your 2009 personal income tax return is coming to a close soon.  April 15, 2013 is the last day you can amend your 2009 income tax return if you have discovered an error … Continue reading

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Roth Coversions that were performed in 2010 can create taxable income in 2012

If you converted a Roth IRA to a regular IRA in 2010 there was a special rule that allowed you to report the income one half in 2011 and the remainder in 2012 unless you opted out.  If you made a … Continue reading

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The IRS has introduced a new simplified method for claiming the home office deduction

For tax years that being on or after January 1, 2013, you can elect to use a simplified method to deduct home office expenses.  The method allows you to take the square footage of the home office times $5 up … Continue reading

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IRA Distributions to Charity

The American Taxpayer Relief Act extends the provision that allows tax-free distributions from individual retirement accounts to charities through December 31, 2013.  To qualify the individual must be age 70 1/2 or older with a maximum tax-free distribution of $100,000. For 2012, … Continue reading

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