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…
Blog Archives
It’s Open Enrollment Season. Time to Take a Good Look at HSAs
Posted in 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…
Posted in 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…
Posted in 2018 Year End Newsletter, November 2018 Newsletter
How the New Tax Law May Impact Taxpayers with High Incomes, Dependents, or Complex Returns
The Tax Cuts and Jobs Act, the tax reform legislation passed last December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and changing…
Posted in 2018 Fall Newsletter
IRS Introduces New Tax Transcript to Better Protect Taxpayer Data
The IRS has recently launched a new format for individual tax transcripts to protect taxpayer data from unauthorized disclosure and theft. The new format will redact personally identifiable information from the Form 1040 series. Financial entries will remain visible, which…
Posted in 2018 Fall Newsletter
Are Scholarships and Fellowships Taxable?
We recently received an interesting question from a client that we know many of you may have as well: “My daughter-in-law is doing a PhD and has an NSF Fellowship from the government. Interestingly, the government does not take out…
Posted in 2018 Fall Newsletter
Are You Prepared for a Disaster?
A natural disaster can strike at any time. Take time now to: Document valuables – including by photographing or videotaping the contents of your home. Review and update your emergency plans annually. Visit Ready.Gov for help with planning. Create electronic…
Posted in 2018 Fall Newsletter
The New Section 199A Qualified Business Income Deductions
What is qualified business income deduction? Section 199A qualified business income deduction is available from 2018 to 2025. Taxpayers may deduct 20% of Qualified Business Income from Partnerships, S Corporations, Sole Proprietorships (Schedule C’s) and Real Estate Rental Activities (Schedule…
Posted in 2018 Fall 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…
Posted in 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…
Posted in 2018 Mid Year Newsletter
