Dec 3, 2024 | Tax Talk Tuesdays
Flexible spending accounts (FSAs), also known as Section 125 plans, offer employers and employees a valuable way to save on taxes. The most commonly used FSAs are the medical expense FSA and the dependent care FSA. These plans allow employees to set aside a portion of...
Nov 26, 2024 | Tax Talk Tuesdays
As the end of the year approaches, it’s time to focus on one of the most critical financial tasks: year-end tax planning. For both individuals and business owners, taking proactive steps before December 31 can lead to significant tax savings and a smoother filing...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
Nov 18, 2024 | Tax Talk Tuesdays
Qualified Opportunity Zones (QOZs) offer tax incentives to spur investment in economically distressed areas. Established by the Tax Cuts and Jobs Act (TCJA), this program encourages taxpayers to invest capital gains in these zones through Qualified Opportunity Funds...
Nov 11, 2024 | Tax Talk Tuesdays
Offering a company-sponsored retirement plan is one of the most effective ways to attract and retain top talent. Qualified plans, like pensions and profit-sharing options, defer employee taxes until they receive distributions, either at retirement or upon leaving the...
Nov 4, 2024 | Tax Talk Tuesdays
Required minimum distributions (RMDs) generally begin at age 73 for traditional IRAs, SIMPLE IRAs, SEP IRAs, and other retirement plans, serving to limit how long tax-deferred accounts can grow without withdrawals. An RMD is the minimum amount you must withdraw each...
Oct 29, 2024 | Tax Talk Tuesdays
If you’re self-employed, paying for your own health insurance can be a significant expense. However, the IRS offers a valuable tax break that can help reduce this burden. By claiming the self-employed health insurance deduction, you can deduct the cost of premiums for...
Oct 22, 2024 | Tax Talk Tuesdays
Health Savings Accounts (HSAs) are valuable financial tools offering a variety of benefits, including substantial tax savings, investment opportunities, and flexible spending options for healthcare. Maximizing your HSA contributions in 2024 can be a smart way to...
Oct 15, 2024 | Tax Talk Tuesdays
Real estate investors and contractors who have purchased, renovated, or constructed a building should explore conducting a cost segregation study to unlock accelerated depreciation benefits. This strategy provides tax savings for new acquisitions and existing...
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