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Advantages and Disadvantages of Health Savings Accounts (HSAs)

WebHealth Savings Accounts, which were put in place in 2003, were designed to help American workers cover the costs of various eligible medical expenses. In order to …

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Exploring the Unexpected Benefits of Health Savings Accounts …

WebHealth Savings Accounts (HSAs) are valuable tools for managing healthcare costs, but their advantages extend beyond the territory of medical expenses. In this …

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Why Health Savings Accounts Are Becoming Valuable Retirement …

WebTraditional accounts such as 401(k)s and IRAs have long been favored when it comes to retirement planning. However, there is a growing recognition that Health …

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FSA’s vs. HSA’s: Which is better

WebAlthough it’s certainly never your goal to get sick and incur medical expenses, it happens to everyone on some level. Whether it’s something as “small” financially as a …

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Will the Inflation Reduction Act Affect Your Taxes

WebHealth Care Tax Credits. The Affordable Care Act (ACA) program was due to expire at the end of 2022, but the Inflation Reduction Act extends the ACA program …

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How to Build Healthy Financial Habits so Your Money Lasts a …

WebThe path to financial security and stability can be challenging. The key to achieving long-term financial success lies in building healthy financial habits that not only …

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Americans Can Use These Financial Tools to Help Minimize Their …

WebHealth Savings Accounts (HSA) Especially useful for those with a high-deductible health insurance plane, HSAs offer an effective opportunity to reduce taxable …

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Extensions of the Employee Retention Tax Credit in 2021

WebWith the passage of the Act, this amount increases to 70% of qualified wages, which is designed to encompass the cost of employee health benefits. Credit …

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Self-Employed Tax Deductions and Credits Not to be Overlooked

WebThe total self-employment tax rate is 15.3 % (12.4% for Social Security + 2.9% for Medicare). The 15.3% tax is owed if your net earnings for the year are greater …

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New Business Tax Changes and Extenders in Most

WebHealth and Dependent Care Flexible Spending Arrangements. The bill permits taxpayers to roll over unused funds in their health and dependent care flexible …

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Get a Complete Picture of Your Company’s Financial Health With …

WebBrammer & Yeend is an independently owned and operated member firm of CPAConnect, an alliance of CPAmerica, Inc. CPAmerica, an association of independent …

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Key Tax Strategies for Self-Employed Professionals to Maximize …

WebAlternatively, S-Corp proprietors can establish a group health insurance plan that allows the S-Corp to cover premiums through payroll, resulting in significant tax …

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Use This Checklist to Routinely Evaluate the Financial Health of …

WebAs a small-business owner, you know how easy it is to get tied up in the day-to-day details of running a business, but to ensure that your business thrives now and …

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Inflation is Affecting Taxes: Here are the Tax Adjustments Made by …

WebHealth Flexible Savings Account. For tax year 2023, the dollar limitation for employee salary reductions for contributions to health FSAs increases to $3,050. For …

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What’s Included in the American Rescue Plan Act

WebThe Child Tax Credit maximum increases under the American Rescue Plane Act. For married couples who make $150,000 or less and single parents who make …

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Understanding and Calculating the New 199A Deduction

WebFor these trades and businesses, the deduction is phased out based on the owner’s income. For joint filers, the deduction is phased out between the range of …

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Understanding the Impact of Maxed-Out Credit Cards on Your …

WebYour credit score reflects your creditworthiness and financial health. There are several factors that contribute to your credit score, but credit utilization – the ratio of your credit …

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Understanding the Infrastructure Bills: How the House Will Fund …

Web$726 billion for the Committee on Health, Education, Labor and Pensions. Funding would address universal pre-K for 3- and 4-year-old children, childcare for …

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How to Keep Your Financial Goals on Target

WebGoal setting is essential to achieving any financial milestone. For many people, however, just setting the goal isn’t enough. Burnout, temptation, unplanned …

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Tax Credits and Tax Deductions: What’s the Difference

WebBrammer & Yeend is an independently owned and operated member firm of CPAConnect, an alliance of CPAmerica, Inc. CPAmerica, an association of independent …

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Troubleshooting Taxes: How to File Extensions and Amended …

WebFile a tax extension by completing Form 4868 via the IRS e-file. You can also print the form, fill it out, and send it via snail mail (just get proof that you mailed it). …

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The Pros and Cons of Invoice Financing for Small Businesses

WebBrammer & Yeend is an independently owned and operated member firm of CPAConnect, an alliance of CPAmerica, Inc. CPAmerica, an association of independent …

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