Check out this Wall Street Journal article “A last minute checklist” for 2010. Many of the points are also in my post on Year-End Tax Planning Tips. However, prior to today this tip on flexible-spending accounts was not in my post:
• Empty flexible-spending accounts. You must spend these funds before year end or else forfeit them unless your plan has a grace period. The list of reimbursable expenses is wider than many realize, extending to contact-lens solution and acupuncture. (See IRS Publication 502.)
Be warned, though: because of a change in the law, no reimbursements are permitted for purchases of over-the-counter medicines after Dec. 31, 2010 without a doctor’s prescription, regardless of plan rules.
Please call or email me to discuss last minute financial decisions for 2010 tax planning.
Jeff Haywood, CPA
These posts provide highlights that may be of interest to taxpayers. For complete information on these subjects check with the IRS and your financial consultants.
I prepare the following types of tax returns:
Federal and State Returns
Also, I am available for tax planning and discussions about business, retirement planning and life goals.
For more US income tax content see the following links:
10 Things to Know About the Child and Dependent Care Credit
10 Important Facts About Capital Gains and Loses
IRS: Beware of Tax Scams
IRS Top Ten: Mortgage Debt Forgiveness
IRS Top Ten: IRA Contributions
US Income Tax Help for Expatriates
4 Credits That Can Pay You at Tax Time
What Business Deductions Can I Take as an Employee? IRS Tax Tips.
Was This Year a Bad Year? We may be able to get you a refund of your taxes paid in prior years.
6 IRS Tax Tips for Self-Employed Individuals
Important IRS Tax Tips: Health Insurance Tax Breaks for the Self-Employed
6 Things the IRS Wants You to Know About the Home Office Deduction
Is Your Child’s Investment Income Supposed to be Taxed at Your Tax Rate?
IRS Notice – Don’t Panic – Call Me
Who Can I Claim As A Dependent?
Which Filing Status Should I Use?
Do I Have To File A Tax Return For 2010?
6 Things You Should Know About Business Expenses – What You Can Deduct
Top Four Reasons Clients Hire Me To Prepare Their Tax Returns – Individual and Business
Instant Convenient Access To Your Tax Returns and Documents
How To Avoid the Social Security Penalty and Does Warren Buffett Get Penalized??
5000 Birds Fall From the Sky – Casualty Losses
Are You Required to Report Foreign Banks and Financial Accounts?
2010: “A Last Minute Checklist”
Year-End Tax Planning Tips
Education Credits-American Opportunity Credit
ROTH IRA Conversion
As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.
This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.