ONE-TIME THING: IRA TO HSA TRANSFERS

By |2023-10-26T09:22:36-04:00November 20th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? According to the IRS, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as [...]

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THE DEDUCTIBILITY OF MEDICAL EXPENSES

By |2023-09-25T10:24:19-04:00October 9th, 2023|Accounting and Auditing, Retirement, Taxation|

Individual taxpayers may be able to claim medical expense deductions on their tax returns.  However, the rules can be challenging, and it can be difficult to qualify.  Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. The medical expense deduction can only be [...]

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BE PREPARED FOR TAXES ON SOCIAL SECURITY BENEFITS

By |2023-03-29T14:54:46-04:00April 17th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Whether you’ve filed your 2022 tax return or soon will, one thing you don’t want to experience is a surprise.  Many older people are caught off guard when they find that their Social Security benefits may be taxable.   How much might you have to pay? That depends on your other income.  If you’re taxed, [...]

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SECURE 2.0 LAW MAY MAKE YOU MORE SECURE IN RETIREMENT

By |2023-02-24T09:56:43-05:00March 6th, 2023|Accounting and Auditing, Retirement|

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years.  The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.  SECURE 2.0 is meant to build on the original [...]

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TALKING ABOUT THE “SANDWICH GENERATION”

By |2022-11-21T15:19:50-05:00November 21st, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

The term “sandwich generation” was originally coined to describe baby boomers caught between caring for their aging parents and their children.  These days the term applies to whichever generation is grappling with the problem.  If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]

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LIVING THE DREAM OF EARLY RETIREMENT

By |2022-08-18T08:44:11-04:00November 25th, 2019|Accounting and Auditing, Estate planning, Retirement, Taxation|

Many people dream of retiring early so they can pursue activities other than work, such as volunteering, traveling and pursuing their hobbies full-time.  But making this dream a reality requires careful planning and diligent saving during the years leading up to the anticipated retirement date. It all starts with retirement savings accounts such as IRAs [...]

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