Social Security Archives -

Do your tax strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws.

By QuickBooks Expert|2023-12-21T11:13:52-05:00December 21st, 2023|Accounting and Auditing, Business, Estate planning, Taxation|

As the year draws to a close, it is important to assess your financial situation and consider strategies to optimize your tax position for the upcoming tax season. This year-end tax planning guide serves to help you make informed decisions that can positively impact your tax liability. Year-End Tax Planning Steps: Individual Planning: Take a [...]

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ONE-TIME THING: IRA TO HSA TRANSFERS

By QuickBooks Expert|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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SAFEGUARDING YOUR CRITICAL DOCUMENTS

By QuickBooks Expert|2023-08-29T11:29:38-04:00September 25th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

So many of the documents we all use in our personal lives these days are digital. However, there are still many that you should retain as hard copies. These include: Birth, marriage and death certificates Social Security cards Tax returns Passports Estate planning documents, such as deeds and wills Be sure to safeguard [...]

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PLAN AHEAD FOR HEALTH SAVINGS ACCOUNTS IN 2024

By QuickBooks Expert|2023-08-29T11:21:49-04:00September 18th, 2023|Accounting and Auditing, Business, Taxation|

The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). The benefits of HSAs include: contributions are made on a pretax basis; funds can be withdrawn tax-free to pay for a variety of medical expenses, such as doctor visits, prescriptions, chiropractic care and long-term care insurance premiums; and [...]

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BE PREPARED FOR TAXES ON SOCIAL SECURITY BENEFITS

By QuickBooks Expert|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 QuickBooks Expert|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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