Filing status. Your filing status is based on your marital status as of December 31. If you are divorced under a final decree by the last day of the year, you are considered unmarried for the whole year and you cannot choose Married Filing Jointly as your filing...
Gift Tax There is no dollar limit on the amount that one person is allowed to give to another. Gift tax rules do not prohibit a donor from making gifts in excess of the annual exclusion($15,000 for 2019). However, if more than the annual exclusion is given to any one...
Death of a Taxpayer When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative. Personal Representative Under state law, a personal representative is the person appointed by a court to...
A health savings account (HSA) is a tax-exempt or custodial account set up with a qualified HSA trustee to pay or reimburse certain medical expenses incurred by an individual, his or her spouse, and qualified dependents.The medical expenses must not be reimbursable by...
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go, either by employer withholding or estimated tax payments. Employer withholding. If you are an employee, your...
