Health Savings Accounts (HSA) have gained popularity as a way to compensate for higher deductibles and out-of-pocket expenses related to Medical Insurance. Think of an HSA as a medical savings account. Your contributions are tax deductible, grow tax deferred, and come out tax-free when used for eligible medical expenses.
Most dentists we work with took advantage of the first round of Paycheck Protection Program (PPP) loans and HHS funding, and many are now looking at PPP Part 2 and Employee Retention Tax Credits to help make up for lost revenue and increased expenses due to COVID-19. A new relief bill was signed at the end of 2020 that can provide additional funds to practices still af
There are a number of dates to be aware of on the way to retirement. Deadlines are triggered by various ages, from age 50, when you can start making catch-up contributions to retirement plans, through age 72 when Required Minimum Distributions begin. Download our PDF with 14 retirement-related milesto
There are many types of trusts, and just as many ways to use them. Most commonly, they are used to control (or allow for someone to control) assets after a person dies. They can also be used to shelter money from estate taxes, avoid probate, segregate money for special uses and needs, and to protect money from creditors, lawsuits and divorce.
Making IRA contributions is more complicated than it used to be; there are traditional, non-deductible and Roth IRAs, and each has different income thresholds for eligibility along with rules about whether you or your spouse have retirement plans at work. However, if you don’t qualify to make a contribution directly, with a couple of extra steps, you can make what is called a &ldquo