According to a national taxpayer advocate, the Affordable Care Act could have some impact to income tax, and many individuals aren't aware of the changes. Keeping up with tax laws can be difficult, but individuals purchasing health insurance through the new exchanges need to understand the subsidies … [Read more...] about What does the Affordable Care Act mean for Texas income taxes?
Owning a home is a big financial responsibility, since you have to pay for the mortgage, upkeep, taxes and other expenses. For some homeowners, the financial burden might get larger this year because the Mortgage Debt Forgiveness Act was allowed to expire at the end of 2013. Texas homeowners might … [Read more...] about Tax law might affect Texas homeowners with underwater mortgages
Every year, legislators make changes to the tax law. This year saw some especially big changes, however, due to the American Taxpayers Relief Act, the Affordable Care Act and the decision of the Supreme Court to recognize same-sex marriage at the federal level. Married same-sex couples can now file … [Read more...] about 2013 changes in tax law could affect your return
New tax rules out of the Internal Revenue Service may change the way that political activity is treated for organizations that claim tax-exempt status. In the wake of the IRS scandal that allegedly targeted conservative groups because of their viewpoints in recent years, tax agencies are working to … [Read more...] about Tax rules for exempt organizations could change
Hundreds of Texas restaurants could be forced to tweak the way they calculate tips for large groups when the Internal Revenue Service starts enforcing a new rule in 2014. Eateries around the country have long added automatic gratuities to the bills of large groups of diners, but the IRS's move to … [Read more...] about IRS ruling could eliminate automatic gratuities
Married same-sex couples who were legally married in a state that recognizes such unions will now be able to file joint federal tax returns, even if they live in Texas or other states that have not legalized same-sex marriage. The IRS teamed with the Department of the Treasury to develop clear and … [Read more...] about IRS unveils new tax regulations for same-sex couples