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Self-Directed Health Savings Account (HSA)

WEBA Health Savings Account (HSA) is a tax advantaged savings account for medical expenses. The IRS introduced the HSA for …

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Can an HSA or FSA Help Your Retirement

WEBWhat Is An HSA? Health Savings Accounts, or HSAs are savings accounts that allow health insurance holders to set aside pre-tax money specifically for qualified …

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Help on the Way to Pay for Your Medical Bills

WEBHelp is on the Way to Pay for Your Medical Bills. Adam Bergman discusses the new HSA Modernization Act, which aims to increase contribution limits for Health …

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COVID-19 And Socialized Medicine

WEBThis was no small task, as the Canadian health care system is bogged down with those looking for a doctor. Then, COVID-19 hit. As with many other group and …

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Hardship Distribution Rules for a Self-Directed IRA

WEBHealth Insurance Premiums. An IRA distribution not in excess of certain medical insurance premiums paid while unemployed. The 10% early IRA distribution tax …

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Traditional vs. Roth IRA

WEBUse the withdrawal for medical expenses or health insurance; or; If you become disabled or pass away. Read the IRS Exception on Tax and Early Distributions …

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Maximizing Roth Contributions if You Are Self-Employed

WEBTo be eligible to benefit from the Solo 401 (k) plan, a business must meet just two eligibility requirements: The presence of self-employment activity. The absence …

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The Great Resignation and Your Retirement

WEBThe Great Resignation refers to the current phenomenon when people are leaving their jobs in droves due to dissatisfaction. Workers in the past few decades have …

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Your IRA and the CARES Act

WEBThis $2 trillion stimulus package is designed to help everyone affected both physically and financially from COVID-19, the coronavirus. The Act boosts unemployment benefits and …

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Self-Directed IRA Custodians

WEBThe Self-Directed IRA custodian is responsible for taking care of all IRS reporting concerning the IRA, including filing IRS Form 5498 and 1099-R. In addition, a …

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The Case for the Self-Directed Roth IRA vs. Life Insurance

WEBFirst, the premiums could be costly depending on your age and health condition. Next, in the case of term and other policies, the policy could lapse with no …

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5 Huge Retirement Law Changes Coming In 2022

WEBIt’s $6,500 in 401 (k)s. Solo 401 (k) is $20,500, if you’re over 50 it’s $27,000. That’s if you have a 401 (k) or Solo K. The Act would increase the amount of catch-up …

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Roth IRA Hardship Exception for Qualified Education Expenses

WEBHowever, one does not have to itemize deductions to take advantage of this exception to the 10% additional tax. Note, the health insurance premiums while …

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Can a Solo 401(k) Reduce Self-Employment Tax

WEBTherefore, establishing a Solo 401 (k) plan will help you reduce federal income tax by making pretax deductions. However, it will not reduce self-employment …

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Solo 401(k) Rules & Multiple Member LLC (Partnership)

WEBThe Solo 401 (k) plan may be adopted by any multiple-member LLC with a U.S. business. In general, to be eligible to benefit from the Solo 401 (k) Plan, a multiple …

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Solo 401(k) Rules for a Single Member LLC

WEBThe Solo 401 (k) plan has become the most popular retirement plan for the self-employed. For single-member LLC business owners, the plan offers massive tax …

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IRS Form 5500-EZ: Solo 401(k) Filing & Reporting Requirements …

WEBThe purpose of filing and reporting the fair market value (“FMV”) of your solo 401 (k) plan’s assets is to inform the IRS of assets over $250,000.00 annually held in a …

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Self-Directed IRA Disqualified Persons

WEBIn order to avoid triggering a prohibited transaction with your Self-Directed IRA, make sure you know who the IRS considers “disqualified persons.”. Here, we …

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