If I contribute $2500 to a Flexible Spending Account (FSA) in 2015, and end up spending only $2000 of it on health costs -- what happens to the other $500?
I'm investigating reappraising our house to get rid of PMI. We meet the conditions for application, which involve bringing in an appraiser. The appraiser we would pay for is hired through the mortgage company — we have no control over the appraisal process. Do appraisers who are hired to get rid of PMI do a fair and honest job in calculating the true market value, or, alternatively, do their valuations fall close to online appraisals on average, within some percentage? (Are online estimates close to market value, within noise? Two online estimates suggest we are over the required valuation by roughly 40-50k.) Finally, are there downsides or gotchas to getting rid of PMI, other than a smaller federal deduction at tax time? [more inside]
Hello! I am an independent contractor (1099 Misc form) for the first time in my life and need some tax advice as the budget is a bit tight! Therapy, acupuncture, bicycle, insurance, computer, etc. How do deductions work? [more inside]
Many moons ago, my parents took out a loan against a whole life insurance policy on me. Now the policy is underwater and the insurance comapny wants to terminate it and I'm taking a tax hit. Can I avoid this? [more inside]
My best friend is the largest client of my business. He would like me to purchase a car for his use through my company. Is this a terrible situation for me and how should I handle it? [more inside]
My BIL claims that insurance settlements for injury are not taxable income in the Commonwealth of Massachusetts. I can't believe the state doesn't overfish that particular revenue stream. So, is it taxable income or not?
I'm purchasing a new car, and I'm getting conflicting information about what to do with an insurance settlement check I received. [more inside]
How much should I put in my medical Flexible Spending Account for next year? [more inside]
How do I "incorporate under my business" for the purpose of deducting health care costs from my income as a self-employed person? [more inside]