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The New Health Savings Account The President recently signed legislation authorizing Health Savings Accounts (HSAs), which are targeted mainly at self-employees, small business owners, and employees of small to medium size firms. It is important to understand that, while this new tax break was included in the recent Medicare Act, you don't have to be a senior citizen to benefit.

Use the Installment Method to Defer Taxes on Property Sales When at least one payment is received after the tax year in which the sale occurs, you can use the installment method to defer a portion of the income tax due on a gain from the sale of property such as an apartment or office building. Under the installment method, the seller recognizes a portion of each payment as gain when received.

Lower Your Taxes with Section 179 Deduction Internal Revenue Code Section 179 allows a taxpayer to expense up to $102,000 of qualifying property placed in service during 2004 and 2005 (adjusted for inflation in 2005). After 2005, the annual limit will be reduced to $25,000. The $102,000 limit is reduced dollar-for-dollar (but not below zero) to the extent the taxpayer purchases more than $410,000 of qualifying property in 2004 and 2005 (adjusted for inflation in 2005).