Seniors: Consider These Tax Breaks When Filing for 2016 There are some special tax breaks that can help "experienced" taxpayers reduce their federal income tax bills, including the bill for last year. Here are the details to help you decide if the tax-saving opportunities for itemized medical expenses and catch-up contributions to retirement accounts can work for you — and your senior friends and family members.
Make Sure Your Business Doesn't Become a Continuing Daytime Drama There's a lot to be said for staffing a business with family members, especially if you need help. However, before hiring relatives, consider the drawbacks as well as the advantages. It also helps to try to understand the roles staff members play through the eyes of family and non-family employees. Otherwise, you might end up with a cast of characters you can't direct and a script that just doesn't work for your business.
What Can Employers Do with Forfeited Employee FSA Balances? A flexible spending account (FSA) is a health care benefit that provides tax savings for employers and employees. FSAs contain a "use-it-or-lose-it" feature. This could result in employees losing money not spent in accounts after a certain amount of time. Click "Full Article" to learn the basics of FSAs, as well as what employers' options are for forfeited employee balances.
Don't Overlook Miscellaneous Itemized Deductions Most itemized deductions on an individual federal tax return are fairly well known. But miscellaneous itemized deductions are typically less well known and often misunderstood. This article provides many examples of items that may qualify as miscellaneous itemized deductions and discusses the rules for claiming them.