local updates
Can HSA account be rolled over?
The IRS allows you to roll over your HSA funds every 12 months and still maintain the tax-free status. After you request a rollover, your current HSA prov...
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education
Can I deduct my own meals?
Meal Expenses in Your “Tax Home” Self-employed filers can deduct an expense if it is necessary for business. An ordinary meal taken during your lunch brea...
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science
Why did my refund go down when I added 1098-T?
Two possibilities: Grants and /or scholarships are taxable income to the extent that they exceed qualified educational expenses to include tuition, fees, ...
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health
What is Allowances not exempt in ITR 1?
Allowances not exempt from tax Some of them are tax exempt up to a certain amount, whereas some are fully taxable. Transport allowance for and up to FY 20...
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health
When to withdraw excess contributions from Roth IRA?
You must also withdraw any earnings on the excess contributions. Earnings are considered earned and received in the tax year during which the excess contr...
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global news
Are stock options considered marital property?
Stock options, both vested and unvested, are considered assets in a divorce that can be divided between the spouses. To do that, the employee and his spou...
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global news
How much do you actually get after winning the lottery?
The federal government and all but a few state governments will immediately have their hands out for a bit of your prize. The top federal tax rate is 37% ...
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education
Can I deduct COBRA premiums from my taxes?
Are my COBRA premiums deductible? Yes they are tax deductible as a medical expense. You can only deduct the amount of COBRA medical expenses on your feder...
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science
Does car loan interest accrue daily?
Nowadays, most car loans use simple interest. This means interest accrues daily based on the principal. It’s also virtually unheard of to have an auto loa...
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environment
What does the first quarter end?
In a calendar year, the first quarter (Q1) starts on January 1 and ends on March 31. The second quarter (Q2) goes through April 1 to June 30. The third qu...
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