According to IRS data for the 2015 tax year, taxpayers’ income increased compared with the 2014 tax year. The numbers show increases in many income items, including salary, wages, business income and dividends, no doubt reflecting an improving economic environment. The data also shows increased payments to Health Savings Accounts, a significant drop in the […]
Following nearly 18 hours of debate, the American Health Care Act (AHCA) was approved by the Ways and Means Committee on March 9 by a 23-16 party line vote. The House Energy and Commerce Committee also approved the bill, which repeals and replaces the Affordable Care Act (ACA), although many ACA provisions will remain under the AHCA. […]
The U.S. Tax Court held that a taxpayer-contractor who worked in Iraq, providing security for visiting dignitaries, wasn’t entitled to the tax code’s foreign earned income exclusion because his place of abode was the United States. To qualify, a person’s home must be a foreign country. The court also held that his former spouse was […]
In a bench opinion, the U.S. Tax Court ruled that a taxpayer suffering from a spinal disease could deduct expenses for integrative medical care as a medical expense. Her doctor recommended the treatment, which addresses a full range of physical, emotional, mental, social, spiritual and environmental influences that affect a person’s health and may include […]
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