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Small Contributions and Big Impacts: How an HSA Can Alleviate Your Medical Expenses and Round Out a Retirement Plan
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Read more: Small Contributions and Big Impacts: How an HSA Can Alleviate Your Medical Expenses and Round Out a Retirement PlanHealth Savings Accounts are incredibly versatile tools to round out retirement plans for working age adults. These are most beneficial when they are earmarked for health and medical care needs and have the famous triple tax advantage. Even though they are reasonably difficult to qualify for, many employers pair them with high deductible health plans that have lower premiums and that allow policy participants to contribute to and grow something they can call their own. Read more about how HSAs can supplement your retirement, bear the brunt of medical costs, and reduce your tax burden.
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Bonus Depreciation, Section 179, and Expenses: A Valuable Resource for Small Business
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Read more: Bonus Depreciation, Section 179, and Expenses: A Valuable Resource for Small BusinessSmall business owners have a tremendous responsibility to maintain accurate records for the deductions taken on their tax returns. Many owners are familiar with depreciation and deductions, but might be confused as to how they’re applied, leading to doubt and stress about being audited by the IRS. As daunting as this may seem, many businesses operate in such a way where more complex deductions and depreciations would never apply. Here, we broadly demystify the deductions and depreciation mechanics so you don’t have to be gun-shy about taking them.
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Pre-Retirement IRA Distribution Exceptions: How to Avoid Retirement Withdraw Penalties
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Read more: Pre-Retirement IRA Distribution Exceptions: How to Avoid Retirement Withdraw PenaltiesAs many younger Americans are beginning their careers or stepping roles with higher responsibilities, saving for retirement is a must! But as many others have experienced, life mitigates when and how we save, and can even hurt the retirement effort. The IRS has penalties in place to discourage IRA withdraws, but understands that some circumstances where it’s absolutely necessary.
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Deductions and Credits 101
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Read more: Deductions and Credits 101Mistakes happen on returns more often than not. If it’s to the IRS’s detriment, however, you will get a notice that’s it’s been corrected or you will need to correct it. Either way, you’ll likely pay. But if you fail to take deductions and credits that you’re entitled to, the IRS isn’t responsible for letting you know that. Work with a professional in this area to get the deductions and credits you deserve, and stop leaving money on the table.
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Getting Ahead of Taxes: Tips for Small Businesses
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Read more: Getting Ahead of Taxes: Tips for Small BusinessesThis is mostly for the small business owners out there. Avoid getting into trouble by paying on your estimated taxes every quarter. If you’re new to expense tracking and holding money to the side, or you’re simply unfamiliar to the IRS payment process, it helps to work with a professional to guide you through. Even better if you’re able to reach one before year’s end!
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Can’t Pay Off Your Back Taxes? You Have Options
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Read more: Can’t Pay Off Your Back Taxes? You Have OptionsMany maybe unaware of the multitude of resources available to help reduce or settle with the IRS on back taxes. These multi-year accumulations can make an otherwise successful business feel hopelessly burdened, but there are ways to recover from this and get back in positive payment terms with the IRS.
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3 Reasons You Might Owe Taxes (and How to Plan Ahead to Reduce Your Bill)
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Read more: 3 Reasons You Might Owe Taxes (and How to Plan Ahead to Reduce Your Bill)Getting a tax refund is one of the best parts of the new year; likewise, getting slammed with an unexpected tax bill when you thought you’d get a refund is one of the worst feelings. Owing taxes when you didn’t plan for it means lots of stress on you and your family, so let’s explore a few ways to plan in advance for your taxes so this surprise doesn’t happen to you.
