What Income is
Generally, you are taxed on
income that is available to you regardless of whether it is
actually in your possession. But there are some
situations when certain types of income are partially taxed
or not taxed at all. A complete list is available in IRS
Publication 525, Taxable and Nontaxable Income.
Some common examples of
items that are not included in your income are:
Adoption Expense Reimbursements
for qualifying expenses
Funding of your Health Savings
Account with a one-time direct transfer from your individual
retirement plan, health reimbursement account or health
flexible spending account.
Child support payments
Gifts, bequests and inheritances
Workers' compensation benefits
Meals and Lodging for the
convenience of your employer
Compensatory Damages awarded for
physical injury or physical sickness
Cash Rebates from a dealer or
Click here for examples of items that may or may not be
included in your income and the rest of the article.
Why A SIMPLE
Retirement Plan If You're
Out of all the types of retirement plans available to small
business owners, the SIMPLE plan is the easiest to setup
and least expensive to manage. These plans are intended
to encourage small business employers to offer retirement
coverage to their employees.
SIMPLE plans work well for small
business owners who don't want to spend time and
high administration fees associated with more complex
retirement plans. SIMPLE plans really shine for self-employed
Find out why by
clicking here to
read the full article. It and more are on our web site,
available to you at any time.
Married or Divorced
Newlyweds and the recently
divorced should ensure the name on their tax return matches
the name registered with the Social Security Administration. A
mismatch could unexpectedly increase a tax bill or reduce the
size of any refund. Click on
link to find out why.
Call our offices if you have any
questions about these or any other accounting related issues, at 301-657-8080.
Regards, Paul Sullivan, CPA