Health savings accounts (HSAs) have been around for nearly two decades, but many people are unfamiliar with them and the benefits they offer. This article is an overview of how they work, who is eligible for them, and what tax advantages they provide. An HSA is essentially an interest-bearing, medical savings account that you can […]
Estate Planning – More Than Taxes
Mention the term “estate planning” and many people think of controlling taxes. Yet minimizing potential estate taxes is only one component of planning your estate. The full value of estate planning extends well beyond tax considerations. Disability Protection It’s a sobering fact: More than one in four 20-year-olds become disabled before reaching retirement age.1 And […]
An Executor’s Tax Responsibilities
It is said that the only certainties in life are death and taxes. That expression may ring particularly true to anyone who has served as the executor of an estate. Nearly all estates have to file an income tax return for the decedent, and the executor also may have to file one or more income […]
Deducting Home Office Expenses
If you’re one of the many people working from home this year, you may have questions about the home office tax deduction and whether you can qualify for it. Here’s a rundown of the rules. Employees Unfortunately, home office expenses incurred while working as an employee are not currently deductible. The reason: the Tax Cuts […]
4 Tips for Saving Money on Real Estate Taxes
If you’re a real estate investor, saving money on your taxes can be just as crucial to your bottom line as the deals you make daily. While numerous tax strategies that you can implement to save on taxes exist, a few of them are more valuable than others. Here, we discuss four of the top […]
A Quick Guide to What Paper You Need to Keep and What You Can Toss
If you’re like most people, you’ve got lots of paper. Some of it you need to keep, and some of it you don’t. Here’s a look at what to hang on to and the best place to store it. It’s in the Box A safe deposit box at your bank or a fireproof box in […]