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Mortgage And Taxes

It is just about everyone’s dream to own their own home. Buying your first home can seem like an enormous task. There are a great number of issues to deal with. They include the emotional trauma of a lifestyle change, financial aspects, tax implications and legal considerations. The process may seem a bit overwhelming, but everyone has to go through it. There are many books written on the subject and you certainly should approach the process with your eyes wide open and as prepared a....

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New Baby And Taxes

New baby if the house; congratulations! The birth of a child guarantees major changes in your lives ... as parents and as taxpayers. Over the years, Congress has peppered the law with tax breaks to help American families. Considering the high cost of child rearing in the 21st century, you'll need all the help you can get.

Get a Social Security number for your newborn: Your key to tax benefits is a Social Security number. You'll need one for your ch....

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Marriage And Taxes

So you've tied the knot, congratulations! Once you have settled down a bit, it is time for you and your spouse to visit your financial planner to discuss impact of marriage on taxes and your financial future. There are some specific tax considerations for married filers. Some taxpayers might find they are paying slightly bigger tax bills but marriage also offers many tax advantages. Here is a little secret: Many married couples actually get a marriage bonus, paying less income tax than....

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Withdrawing from an FSA

Now that you’ve got your FSA all figured out and you’ve got some money in there, it’s time to use some of it. But how? Again, it depends on your employer and who the FSA account holder is. Withdrawing from your FSA can be as simple as using a debit card, or you could have to submit paperwork and wait for a reimbursement. In either case, withdrawing from an FSA means that you’ll need to keep track of yourqualifying expenses.
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FSA Qualifying Expenses

What can you use an FSA for? It depends on which one of thethree FSA types you have:
 
Health FSAs are the broadest of the three FSAs and offer the most qualifying expenses for reimbursement. Qualifying expenses are the same as those qualifying for the medical expense deduction. You can use a health FSA’s money for any expense not covered by you....
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