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ARTICLESDocumenting Charitable Contributions When it comes to charitable contributions, giving may be better than receiving, but receiving a tax deduction now requires a little more effort, in light of new substantiation rules introduced in the summer of 2006 (but not effective until 2007 for calendar taxpayers). To ensure that you can claim the charitable deductions to which you’re entitled, we want to make you aware of these new recordkeeping rules. .................................................................................................................. Health Savings Accounts As health care costs continue to soar, taxpayers are looking for the best way to minimize their insurance costs while ensuring their health care costs are covered. One option which is becoming more popular is the Health Savings Account (HSA). .................................................................................................................. Education Planning With the increasing cost of private and higher education, education planning has become an important aspect of your personal financial planning. The tendency by taxpayers to postpone the issue may eliminate several tax education-funding strategies. Identifying your education planning goals and evaluating your education funding situation and other non-tax factors must be considered in developing an education savings strategy. Therefore, we would like to provide a brief outline of the various credits and funding plans available to you. .................................................................................................................. Reimbursement of Employee Expenses Many companies provide expense reimbursement plans to their employees.
Some are a flat amount or allowance per month others are reimbursements
on actual expenses incurred. Depending on the type of plan, the
reimbursements may be required to be included in the employee's
wages as taxable income.
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