Health Savings Accounts
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. Time Limit – HSA plans have no reimbursement time limit, allowing taxpayers to wait until they are ready to receive reimbursement for medical expenses. HSA […]
New Budget – What To Expect From The Irs This Year
Enforcement and processing – the Inflation Reduction Act of 2022, signed into law on August 16, 2022, budgeted approximately 80 billion for new IRS spending over the next 10 years. Of this amount, 46 billion will be slated towards enforcement, with almost 3.2 billion budgeted for taxpayer services. i.e. – at the end of 2021, […]
Year End Tax Planning
The year end is upon us, and before we head out for some holiday cheer, here are a few thoughts for tax-planning. – Flexible spending accounts (FSA’s). Money set aside for payment of child-care and medical expenses is a great deal, as it allows you to avoid paying income and social security tax on these […]
Tax year 2022 is coming to a close – a few thoughts
As 2022 comes to a close, the last thing most of us want to think about is our tax return. However, a little planning can go a long way towards making your 2022 tax filing a successful one. Some things to think about: – Maximize your employer sponsored retirement account contributions. If certain criteria are […]