How to Get Your Long-Term Care Planning on the Right Track

It may not be especially nice to think about, but the fact is that as we all keep living longer, our likelihood of requiring long-term care is increasing, too. What that care looks like and how long we need it for are, of course, unique to every individual. But what’s true for many of us […]

9 Facts About HSAs That Might Surprise Our Clients

Health savings accounts (HSAs) are projected to surpass $100 billion in assets in 2023, showing that consumers are realizing the potential power of HSAs, including as a significant wealth-building tool. The fact that the HSA individual contribution limit is lower than that for deductible contributions to an individual retirement account (IRA) has led to HSAs […]

Helping clients make sense of Medicare

Medicare is a complex program with many rules, regulations, and moving parts. If clients fail to enroll at the right time, they can face serious penalties. If they don’t buy sufficient insurance to cover the program’s many gaps, they may be hit with heavy out-of-pocket expenses.  Many clients have gotten their insurance through their employer, […]

Medicare And HSA’s: Tricky Tax Planning

Before the tax-savings wonder that is the health savings account (HSA) was introduced in 2003, it was a generally accepted best practice for any worker who wasn’t already collecting Social Security at the age of 65 to go ahead and sign up for Medicare Part A (hospital insurance), regardless of other coverage. By being “in […]

What all CPAs should know about elder planning

With the percentage of elderly people in the United States on the rise, someday soon we may face situations like these:  A longtime client calls us in a panic. His mother has suffered a fall, and her doctor says she shouldn’t live by herself any more. Our client hasn’t given any thought to where his mom […]

Using an IRA to fund an HSA (QHFD)

A Qualified HSA Funding Distribution allows investors to transfer funds from an IRA to an HSA tax-free and penalty free (no 10% early withdrawal penalty). The amount transferred cannot total more than what the investor would be allowed to contribute to an HSA for that year. In 2019, the maximum amount is $4,500 for a […]

 Plan now to use a Health FSA in 2019

Now is the time to begin planning to take full advantage of your employer’s health flexible spending arrangement (FSA) during 2019. Employees have four opportunities to enroll in the company FSA plan: within 30 days of hire date or a qualifying life event (QLE), during the company’s Initial Enrollment period (when the plan is set […]

Paid Family and Medical Leave Credit for Employers

The IRS issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees. The credit equals a percentage of the wages an employer […]

Financial, Legal, and Tax Concerns about Long-Term Care

The high costs of long-term care affect an increasing number of individuals and their families. According to Genworth’s 2016 Cost of Care Survey, the average annual cost of an assisted living facility, which provides personal care and health services, was $43,536. The average cost of a semiprivate room in a nursing home, which provides a […]