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Eligible employees should begin planning now to take full advantage of their employer's health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because...

Taxpayers born before July 1, 1945, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of...

The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the...

If you're thinking about making a charitable donation during the holiday season this year and want to claim a tax deduction for your gifts, you must itemize your deductions. This is just one of several tax rules that you should know about before you give. Here's what...

Intended for taxpayers with taxable income, but who lack access to retirement savings plan at work, the myRA program was launched nationwide last month after an initial pilot phase. The program was developed in response to the finding that millions of Americans lack...

Happy Holidays From Mensa Tax Experts! We Wish You and Your Family the Very Best for a Happy and Healthy Holiday Season.  HOT NEWS: As the new year approaches, Mensa Tax Experts is taking a new name: TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers This...

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service...

Whether you file as a corporation or sole proprietor here's what business owners need to know about tax changes for 2015. Standard Mileage Rates The standard mileage rates in 2015 are as follows: 57.5 cents per business mile driven, 23 cents per mile driven for...

2015 Tax Provisions for Individuals: A Review From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2013--tax provisions that were...

Income tax is often withheld from wages and other types of income such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax is withheld, they will owe tax...