Category Archives: Tax Issues

Tax related posts will be found here

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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