It didn’t look good for Eagles running back LeSean McCoy. Now it looks great for McCoy and the Eagles.
After being taken to the locker room for X-rays on his lower left leg, McCoy has returned to Thursday night’s game between the Chiefs and Eagles at Lincoln Financial Field.
He celebrated his return with a 30-yard gain.
The Chiefs continue to lead by 10 points, 16-6. The Eagles remain in striking distance despite four turnovers and a sluggish offense.
Tweet Email1. Employer Paid Health Insurance
Five year cost: $760 billion
If a company provides you with health insurance or health care, it can deduct the cost from its taxable income. But the value of the premiums or care is not counted as income to you, even though it may now, confusingly, show up on your W-2 (in box 12, Code DD). Beginning in 2018, the value of certain high-cost “Cadillac” health insurance plans will be subject to a premium tax, but even that tax won’t be levied directly on individuals.
[More from Forbes: 15 Ways To Invite An IRS Audit]
2. Lower Rate For Capital Gains, Dividends
Five year cost: $616 billion
Qualified corporate dividends and capital gains on stock and certain other investments held for more than a year are taxed at a top 20% rate, compared to a 39.6% rate for ordinary income such as salary and taxable bond and CD interest. Among the biggest tax expenditures, the benefit of this one skews the most to the rich.
3. State And Local Tax Deductions
Five year cost: $431 billion
Taxpayers who itemize can deduct state income or sales tax, plus taxes on personal property. The tally for that is $278 billion. Itemizers can also deduct real estate taxes on their homes – another $153 billion over the five years.
4. Mortgage interest deduction
Five year cost: $379 billion
Taxpayers can deduct interest paid on mortgages totaling up to $1.1 million used to buy or improve a primary home and a secondary or vacation home. A yacht with a berth, galley and head can count as a second home. The $379 billion doesn’t include other breaks for housing, such as the exclusion from income of up to $500,000 per couple in capital gains from the sale of a principal residence, which will cost $130 billion over the next five years.
5. Tax Free Medicare Benefits
Five year cost: $358 billion
All Medicare insurance benefits are excluded from taxation. To the extent that the value of that insurance exceeds the premiums senior pay and the amount they have contributed in Medicare taxes during their working years, the value of Medicare is considered untaxed income to them.
[More from Forbes: 10 Ways To Become A Victim Of Tax Identity Theft]
6. Workplace Retirement Saving Plans
Five year cost: $336 billion
This number includes the exclusion from taxable income of employer and employee contributions to 401(k)s and other employer sponsored retirement savings plans, as well as the exclusion of earnings in these accounts. It doesn't include the additional $64 billion cost for retirement plans for the self employed or the $212 billion cost for traditional, employer paid “defined benefit” pensions – the kind that pay a set amount each month.
7. Earned Income Credit
Five year cost: $326 billion
This credit is available to low income working families; the maximum credit in 2013 for families with three or more children is $6,044. The credit is refundable – meaning families can get back more from the credit than paid in taxes. Of the $326 billion, $283 billion will be made up of such refunds.
8. Child Credit
Five year cost: $292 billion
This $1,000 credit for each child under 17 begins to phase out once a couple’s modified adjusted gross income exceeds $110,000 or a single parent’s MAGI exceeds $75,000. The credit is partially refundable – meaning families can get back more from the credit than they paid in income tax. Of the $292 billion cost, $154 billion comes from such refunds.
Full List: The 15 Most Expensive Tax Breaks
The federal government encourages saving for retirement by giving tax breaks to people who save in specific ways. There are several types of tax perks for retirement savers, each with special rules and restrictions. Here are some of the best tax breaks available to people who save for retirement:
401(k). One of the best ways to get a tax deduction while you save for retirement is through a 401(k) or similar type of retirement account, like a 403(b) or the federal government's thrift savings plan. Employees who are eligible for these workplace retirement accounts can defer income tax on up to $17,500 in 2013, $500 more than in 2012. And people age 50 and older can delay paying income tax on as much as $23,000 in 2013, $5,500 more than younger people. Income tax won't be due on your contributions until you withdraw the money, which you are required to do beginning after age 70 1/2. Traditional 401(k)s generally work best for people who expect to be in a lower tax bracket in retirement than they are now. "You get the employer match and tax-deferred growth, and you get to take it out when your taxes are theoretically going to be lower," says John Dulmage, a certified financial planner for Financial Pathways in Londonderry, N.H.
[Read: Retirement Tax Deadlines for 2012.]
Roth 401(k). Roth 401(k) contribution limits are the same as those for traditional 401(k)s, but the tax treatment is different. Roth accounts allow you to contribute after-tax dollars, and then withdrawals from the account, including the earnings, are tax-free in retirement. Employers are increasingly offering a Roth option, and even allowing workers to convert some of their existing retirement savings to a Roth by paying income tax on the amount converted. A recent Aon Hewitt survey of 300 large U.S. employers found that about half of these companies already offer a Roth account and 29 percent of those without a Roth option are planning to add this feature in the next 12 months. Roth accounts often produce the biggest rewards for young and low-income retirement savers. "I usually recommend that my clients who are in the 15 percent tax bracket use the Roth as the vehicle," says Dulmage.
IRA. Workers can defer income tax on up to $5,500 by contributing to an IRA in 2013, which jumps to $6,500 at age 50 or older. However, the ability to claim this tax deduction is phased out if you have a retirement plan at work and a modified adjusted gross income between $59,000 and $69,000 in 2013 ($95,000 and $115,000 for couples). For investors who don't have a workplace retirement plan but are married to someone who does, the deduction is phased out if the couple's income is between $178,000 and $188,000 in 2013. IRAs generally give you more investment options than a 401(k), and savvy investors can seek out lower fees. "If you have a lot of funds in your 401(k) that have high expense ratios of 1 percent or above, then the best bet is to go with the IRA where you can invest in practically anything you want to," says Kirk Kinder, a certified financial planner for Picket Fence Financial. And while the deadline has already passed to make 401(k) contributions that count for the 2012 tax year, you have until April 15, 2013, to make an IRA contribution that will get you a tax deduction on your 2012 tax bill.
[Read: How to Claim the Retirement Saver's Tax Credit.]
Roth IRA. You can prepay income tax on up to $5,500 ($6,500 at age 50 or older) in a Roth IRA. The ability to contribute to a Roth IRA is phased out for individuals and heads of household earning between $112,000 to $127,000 ($178,000 to $188,000 for couples) in 2013. However, people who earn above these limits may still be able to contribute to a Roth IRA by converting some of their traditional IRA assets to a Roth. Roth accounts give retirees flexibility in retirement because withdrawals are not required during the original account owner's lifetime. "There are no strings attached to when the money comes out," says Philip Watson, a certified financial planner for Watson Planning in Franklin, Tenn. "You don't have to take the money out in your lifetime. You can pass a Roth to your heirs."
IRA tax-free charitable contributions. Individuals age 70 1/2 and older are generally required to withdraw money from their traditional IRAs and pay income tax on each distribution. But retirees in the fortunate position of not needing the money they have stashed away in their IRA can avoid paying income tax on their required withdrawals by donating up to $100,000 of their distributions to charity. To qualify for the tax break, charitable distributions for 2013 must be paid directly from the IRA to a qualified charity by the end of the calendar year.
[Read: Understand Your Rollover Options.]
Saver's credit. Low- and moderate-income people who save for retirement in a 401(k) or IRA are eligible to claim the saver's credit, which can be worth up to $1,000 for individuals and $2,000 for couples. People age 18 and older who are not full-time students or dependents on someone else's tax return can claim this tax credit until their income exceeds $29,500 for singles, $44,250 for heads of household, and $59,000 for couples in 2013. The credit is calculated based on up to $2,000 of retirement account contributions and your income, with the biggest tax credit going to retirement savers with the lowest incomes. For example, a married couple earning $30,000 that contributed $1,000 to an IRA would get a $500 credit. But few people get that much. Among the 6.1 million income tax returns that claimed the saver's credit in 2010, the credits averaged $204 for couples, $165 for heads of household, and $122 for individuals. There's still time to claim the saver's credit on your 2012 tax return. Workers have until April 15, 2013, to make an IRA or Roth IRA contribution that will qualify them for a tax-year 2012 saver's credit.
More From US News & World Report
Reports are coming in from Israel that President Obama's limousine, often called "The Beast," has broken down. You might be wondering how the most protected vehicle in the world could break down on an overseas visit, and the answer would surprise you. Apparently, somebody filled The Beast with diesel fuel instead of gasoline, according The Times of Israel. As the report goes...
What does the Secret Service do when the President's ride has been compromised this way? Since calling a cab is out of the question, they reportedly have a replacement limousine being flown in from in Jordan. "Son of Beast," we'll call it."The Americans filled it up with diesel, rather than petrol," reports Channel 2 - stressing that it was the Americans, not the Israelis.
Reports are coming in from Israel that President Obama's limousine, often called "The Beast," has broken down. You might be wondering how the most protected vehicle in the world could break down on an overseas visit, and the answer would surprise you. Apparently, somebody filled The Beast with diesel fuel instead of gasoline, according The Times of Israel. As the report goes...
What does the Secret Service do when the President's ride has been compromised this way? Since calling a cab is out of the question, they reportedly have a replacement limousine being flown in from in Jordan. "Son of Beast," we'll call it."The Americans filled it up with diesel, rather than petrol," reports Channel 2 - stressing that it was the Americans, not the Israelis.
