It's no secret that health insurance, medical care and medical billing are a circuitous mess in the United States. One particularly burdensome problem is that many patients are billed for medical care that isn't covered by their insurance plans. Such care is called...
Month: March 2014
U.S. SUPREME COURT RULES THAT SEVERANCE PAY CAN BE TAXABLE
"(Bloomberg) The U.S. Supreme Court decided in favor of the Obama administration in a dispute over taxes on severance compensation, overturning a lower court decision that could have forced the IRS to refund more than $1 billion. The court said payments to laid-off...
IRS ISSUES GUIDANCE OF TAX PRINCIPALS THAT APPLY TO TRANSACTION USING VITUAL CURRENCY (BITCOIN)
The Internal Revenue Service announced today that it is aware that "virtual currency" may be used to pay for goods or services, or held for investment. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account,...
Report shows Americans’ credit card debt at 5-year high
Long Island residents might need to put some of their expenses on credit cards. While this is not problematic in and of itself, unchecked spending on credit cards can put some people in a precarious financial situation. If New Yorkers think that the average amount of...
IRS Has $760 Million for People Who Have Not Filed a 2010 Income Tax Return
The IRS announced today that refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010. However, to collect the money, a return for 2010 must be filed with the IRS no later than...
Outstanding medical bills could pave road to financial ruin
There are many ways in which New York residents could find themselves in a big financial hole. Spending on credit cards can quickly spiral out of control with interest charges and late fees, for example. Moving money around to pay credit card bills could leave you...
Reminder To Home-Based Businesses: Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500
The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. The new optional deduction, capped at $1,500 per year based...
Some important facts you should know about bankruptcy
Financial challenges are part of the daily lives of Nassau County, New York, residents. Some may be facing insurmountable debts stemming from student loans, unpaid credit card charges, personal loans or medical expenses. These debts weighing down New Yorkers may not...