In July, the Securities and Exchange Commission, or SEC, issued new rules for money market funds.

The Tax Court sided with the plaintiff in a recent case involving the rules surrounding the home office deduction. The deduction is allowed for the portion of a residence that is used exclusively and on a regular basis as the principal place of business for a taxpayer.

Most K-12 expenses are not deductible. This includes private school tuition and any required uniforms. For children under the age of 13, the cost of before or after school day care may qualify you for a tax credit.

The Social Security Board of Trustees reports the combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033.

The Internal Revenue Service recently released draft versions of several forms for employers and individuals to comply with the Affordable Care Act, along with draft versions of more common forms such as the 1040 and 1040EZ for next filing season.

Earlier last week, two courts in two different districts issued opposing decisions regarding tax credits for those who bought health insurance through federal exchanges.