Maximizing Business Transportation Expense Deductions

By |2022-08-18T08:47:23-04:00October 29th, 2010|Taxation|

The costs of commuting from a personal residence to places of business or employment generally are nondeductible personal expenditures.  The deduction for commuting costs is disallowed regardless of the distance involved. However, taxpayers whose residences qualify as their principal place of business can deduct transportation expenses incurred in going between their residence and other work [...]

2011 HSA Limitations

By |2022-08-18T08:47:24-04:00October 20th, 2010|Taxation|

Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits.  HSAs are targeted mainly at the self-employed, small business owners, and employees of small to medium-sized companies who do not have access to health insurance. The tax benefits of HSAs are quite favorable and substantial.  Eligible individuals can make tax [...]

MRDs Required in 2010

By |2022-08-18T08:47:25-04:00October 13th, 2010|Taxation|

Legislation in 2008 waived the Minimum Required Distributions (MRDs) for 2009 from IRAs and defined contribution plans, including Section 401(k), 403(b), and state-sponsored Section 457 plans.  It did not otherwise change MRD rules.  Therefore, MRDs are once again required in 2010. The 2009 waiver has no impact on the 2010 MRDs of the taxpayers who [...]

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