State or local governments and organizations that are tax-exempt under IRC Section 501(c) can establish a 457(b) plan to allow their employees to defer income taxation on retirement savings, similar to how the more popular 401(k) plans operate, but with some important differences, including the availability of hardship distributions.
On May 29, 2014, the Ways and Means committee approved four individual bills which would permanently reinstate three of the expired charitable giving incentives and extend the deadline through April 15 for individuals making charitable contributions.
In 2013, the Internal Revenue Service (IRS) provided an alternate way to calculate the Home Office Deduction called the Optional Safe Harbor Method in Rev. Proc. 2013-13. This simplified method is ideal for those who do not have adequate records of home expenses, do not wish to depreciate their home, or are renters. Under this method the “qualified business use … Continued
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