The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. However, after the significant corporate tax rate reduction passed in the Tax Cuts and Jobs Act, many S corporation shareholders are wondering why they are still being excluded from this worthwhile benefit.
Taxes
The IRS has posted answers to frequently asked questions focused on whether certain costs related to nutrition, wellness, and general health are medical expenses that may be paid or reimbursed under a health savings account (HSA), health flexible spending arrangement (FSA), Archer medical savings account (Archer MSA) or health reimbursement arrangement (HRA). Background These answers
Today’s Social Security column addresses questions about when and how continuing to work can affect benefit rates, when widow’s benefits can be available and how timing can affect spousal benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry
Are you just getting ready to tackle your 2022 income tax return? You’ve got plenty of company. There’s about a month left in the current tax filing season, which opened on Jan. 23, 2023, and will run until April 18, 2023 and the most recent IRS data indicates that, as of March 10, 2023, the
Over the past few years, there has been an uptick in the number of taxpayers asking about married filing separately as a tax status. Some of the inquiries are because the status can be confusing, but others have focused on whether there was a benefit to switching status to claim certain pandemic-related benefits. Now that