The straight line

Some people think you can always deduct moving expenses on your federal income tax return. Not true. However, you can deduct some moving expenses if you meet the applicable eligibility rules. Good News, Bad News The good news is allowable moving expense write-offs are “above-the-line” deductions. As such, you don’t have to itemize these costs on your tax...

Saving for retirement on a tax-advantaged basis should be on nearly everyone’s financial “to do” list. Making contributions to a Roth IRA is one tax-wise way to save, because you can take withdrawals after age 59 1/2 that are free from federal income tax, assuming you’ve had at least one Roth account open for more than five...

Corporations can generally deduct interest on debts for federal tax purposes. A valid obligation exists if the parties intended to create a debt, and the debt is enforceable and unconditional. In contrast, a capital contribution is a direct or indirect contribution of cash or other property to the capital of a business entity. Generally, a contribution...

The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are the details of...

The holidays can be a joyous — but hectic — time of year. While you’re juggling shopping for gifts, decorating your home and planning get-togethers with friends and family, it’s easy to forget to spend any remaining funds in your Flexible Spending Accounts (FSAs) before New Year’s Day. However, if you fail to observe the “use-it-or-lose-it...

The U.S. Citizenship and Immigration Services (USCIS) has issued a new version of Form I-9, “Employment Eligibility Verification,” that is dated November 14, 2016 and has an August 31, 2019 expiration date. Employers must use the new form beginning on January 22, 2017. Until then, the version dated March 8, 2013 may also be used. Form...