Arguably one of the best tax breaks available has to do with home sales. The tax break we are referring to is the ability to avoid tax when selling a principal residence — up to $500,000 of gain is potentially tax-free
for married couples filing jointly ($250,000 for single filers).
In order to qualify though, you must own and use the home for two out of the five years before the sale date. Now you are probably wondering “What if I’m forced to move before that time?” Well, you could still be able to exclude the home sale profit by claiming a partial gain exclusion. Find out more details here.
The tax law allows your company to help employees get to work by
providing tax-free transportation. Learn about a fringe benefit
that can result in appreciation from your staff members and a reduction in
payroll taxes. Note: Bicycle commuters now get a tax break too.
Read the full article here.
Can you deduct the cost of a face lift? How about “Lasik” eye surgery? Some of the procedures that pass muster with the IRS may surprise you. Take a look at a chart with eligible and not eligible medical expenses. There are some unusual qualified expenses that might allow you to get a tax break. Read the full article here.