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 […]
Have You Looked at Your Paycheck Recently?
Yes, I mean really looked at it? For my clients who are employees, this is the time of year that I suggest you really look at your pay stub. Are you taking advantage of all the tax-reducing benefits you are offered? When we meet to do your taxes for 2022, I will probably find a […]
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 […]
How Much should You Earn And Save To Retire With A $! Million?
Financial experts often recommend saving up $1 million for retirement. If you start saving in your 20s, contributing 10-15% of your paycheck will likely allow you to meet your retirement savings goal. With every decade you delay, however, you’ll need to save a greater percentage of your paycheck. At the same time, many financial planners […]
How To Report Your W-2, Before Year-End
The year-end is just around the corner, so it’s time for some year-end tax and reporting issues for business owners, especially S Corporations. Your payroll department or company has probably already provided you with an exhaustive multipage document that discusses every possible item that could be required on the W-2. Here are the most common […]