2015 HSA AMOUNTS Health savings accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small-to medium-sized companies who do not have access to health insurance. The tax benefits of HSAs are quite substantial. Eligible individuals can make tax-deductible (as an adjustment [...]
CORPORATE ANNUAL MEETINGS ARE IMPORTANT Generally, one of the requirements for maintaining a corporation’s existence (and the liability protection that it affords) is that the shareholders and Board of Directors must meet at least annually. Although most people view this requirement as a necessary evil, it doesn’t have to be a waste of time. For [...]
KEEP YOUR RECORDS SAFE IN CASE DISASTER STRIKES Some natural disasters are more common in certain seasons. But major events like hurricanes, tornadoes, and fires can strike at any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your [...]
WHAT YOU NEED TO KNOW ABOUT REQUIRED HEALTH INSURANCE COVERAGE FOR 2014 Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act (ACA) requires you and each member of your family to have qualifying health insurance (called minimum essential coverage), have an exemption, or pay a shares responsibility penalty with your 2014 [...]
DIVIDING IRAs TAX-FREE IN DIVORCE Generally, the division of property, including cash, between divorcing spouses has no immediate federal income or gift tax consequences. Such transfers are considered tax-free gifts between the spouses. However, the tax-free transfer rule does not apply to transfers of balances in IRAs. If an IRA owner withdraws funds from his [...]
IRS TOUGHENS THE ONE -YEAR WAIT BETWEEN IRA ROLLOVERS IRA rollovers are a popular way of obtaining a short-term tax-free loan from an IRA. To receive tax-free treatment, the amount withdrawn from the IRA must be deposited into the same or another IRA no later than 60 days after the taxpayer received the distribution (the [...]