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Tag Archives: tax tip
Happy New Year!
We would like to wish you and your family a Happy and Prosperous 2011.
Tax Tip: HSAs (Health Savings Accounts) – RIP?| Tip of the Week | December 1, 2010 | No. 19
Health savings accounts are great vehicles for accumulating funds for qualified health care expenditures on a pre-tax basis. Workers with high-deductible health insurance coverage and that have set up an HSA can contribute up to $3,050(individuals) and $6,150 (families) for the year 2010 by December 31, 2010. Continue reading
Tax Tip: Year-End Tax Planning Tips| Tip of the Week | November 24, 2010 | No. 18
Planning Tips to Consider:
Last week we looked at some of the pending tax increases in 2011 if congress does not act by the end of the year. Since no one can predict what congress may or may not accomplish, the following are some planning tips to consider:
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Tax Tip: Saving for Retirement Series – Part 4: Roth IRAs
In this week’s issue, we will discuss the second major type of IRA, the Roth IRA. As a reminder, an individual retirement arrangement (IRA) is a personal retirement savings plan that offers specific tax benefits. Continue reading
401(k) Profit Sharing Plans Provide Great Flexibility
A traditional 401(k) Plan allows an employee to save for retirement through a 401(k) salary reduction plan, have the savings invested, and defer current income taxes on the saved money and earnings until withdrawal. A Profit Sharing Plan is an employer funded, discretionary plan that can provide benefits to owners and their employees based on the company’s profitability. These two plans coupled together, called the “401(k) Profit Sharing Plan”, can be a nice tool to flexibly save for owners’
retirement through the 401(k) portion of the plan and to recruit and retain good employees.
Tax Tip: Saving for Retirement Series – Part 1: Traditional IRAs
We are beginning a series of Tax and Money Tips to take a look at ways that you can save for retirement in a tax advantaged way. As we approach year-end, now is a good time to review your current retirement plan and consider any moves needed to maximize your tax savings.
Using IRAs to Cover College Expenses
It’s time for college students to head back to school. But how are you going to pay for this next year of college? Some people will be able to write the check. But the majority of the population relies on loans, grants, scholarships, funds from family members and student earnings to cobble together enough money to pay the bills. What if it isn’t enough? Can you use your retirement savings to help pay the bill?
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The Small Business Jobs Act of 2010
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (H.R. 5297). The legislation contains several provisions designed to ensure that small businesses have access to adequate credit. The Act also contains targeted short-term tax relief for small businesses.
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