2018 Year End Newsletter, November 2018 Newsletter

It’s Open Enrollment Season. Time to Take a Good Look at HSAs

To the best of my knowledge, contributing to a Health Savings Account (HSA) is the only investment opportunity that allows for tax-deductible contributions and tax-free withdrawals. Please note that only individuals with a qualifying high-deductible health insurance in place are allowed to contribute to an H.S.A. You can ask your health insurance provider if the… Continue reading It’s Open Enrollment Season. Time to Take a Good Look at HSAs

2018 Year End Newsletter, November 2018 Newsletter

Social Security Max Increases to $132,900 for 2019

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2019, the maximum wage base jumps to $132,900, an increase of $4,500, or 3.5%, over the max of $128,400 that was in place for 2017. At a rate of 6.2%, the maximum Social Security taxes that your employer will… Continue reading Social Security Max Increases to $132,900 for 2019

2018 Year End Newsletter, November 2018 Newsletter

IRS Announces Higher Retirement Plan Limits for 2019

Contributing to a retirement plan is one of the best tax shelters available to you during your working years.  Recently, the IRS announced that many of the retirement savings limits will increase for 2019. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work.  Amounts contributed to… Continue reading IRS Announces Higher Retirement Plan Limits for 2019

2018 Mid Year Newsletter

Tax Benefits of Establishing a Donor Advised Fund (DAF)

Are you a Trump Tax Bill “tweener”, a taxpayer making sizable charitable contributions each year but with the new tax law recently enacted at the end of 2017, no longer being able to itemize your deductions nor claiming a tax deduction for those charitable contributions you will be making in the next year. With the… Continue reading Tax Benefits of Establishing a Donor Advised Fund (DAF)

2018 Mid Year Newsletter

HSAs Make a Great Buy and Hold Proposition

Are you aware that there is an investment option available that allows for tax-deductible contributions and also for tax-free distributions? First introduced back in 2004, Health Savings Accounts offer individuals that unique winning combination. The favorable tax advantages of HSAs have caused them to become increasingly more popular in recent years. To be eligible to… Continue reading HSAs Make a Great Buy and Hold Proposition

2018 Mid Year Newsletter

This Year’s Most Interesting Tax Season Observations

by Andrew D. Schwartz, CPA, Founder of The MDTAXES Network This year’s most interesting observation actually has more to do with next year’s taxes.  The tax software we use comes with a Tax Projection option, and I prepared a 2018 tax projection for many of the clients I met with during the winter to see how… Continue reading This Year’s Most Interesting Tax Season Observations

2018 Mid Year Newsletter

IRS Explains Deducting Mortgage & Equity Loan Interest

From IRS NEWS – Issue IR-2018-32 The Internal Revenue Service advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a… Continue reading IRS Explains Deducting Mortgage & Equity Loan Interest