| Enrolled Actuaries |
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| An enrolled actuary is an individual who has satisfied established standards and qualifications and who has been approved to perform the actuarial services required under the Employee Retirement Income Security Act of 1974 (ERISA). These services include the application of the principles of probability and compound interest to determine the present value of payments to be made after certain specified conditions are fulfilled or certain specified events have occurred. More... |
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| Disabled Access Credit |
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| If you operate a small business, you may be entitled to take a nonrefundable income tax credit for expenditures incurred to make your business accessible to disabled individuals. The amount of the credit is limited to 50 percent of the amount of eligible access expenditures for a year that exceed $250 but that do not exceed $10,250. More... |
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| Health Savings Accounts |
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| In an attempt to deal with the high cost of medical care in the United States, Congress has passed a tax law allowing certain taxpayers to set up a health savings account (HSA), a tax-exempt trust or custodial account for the payment or reimbursement of medical expenses. More... |
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| Foreign Tax Credits |
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| Congress passed legislation authorizing foreign tax credits to relieve a taxpayer of the double tax burden of paying tax on foreign source income to both the United States and a foreign country. Generally, if the foreign tax rate is higher than the U.S. rate, there will be no U.S. tax due on the foreign income. If the foreign tax rate is lower than the U.S. rate, U.S. tax on the foreign income will be limited to the difference between the rates. The foreign tax credit can only reduce U.S. taxes on foreign source income; it cannot reduce U.S. taxes on U.S. source income. More... |
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| Taxation of Social Security Benefits |
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| The answer to the question of whether or not your social security benefits are taxable is "it depends." If your only income was your social security or equivalent railroad retirement benefits, your benefits are most likely not taxable, and you probably are not even required to file a tax return. However, the benefits may be taxable to recipients who have other income if their adjusted gross income exceeds certain levels established by Congress. A maximum of 85 percent of your benefits may be subject to federal income tax. More... |
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