Are Health Savings Accounts a Joke?
Are health savings accounts (HSAs) a joke? Last week I was at dinner with my friend Steve, and we were taking about the various ways you can save on your taxes. During the conversation I realized that he didn’t know a lot about HSAs. Not only that, but he also had a lot of misconceptions […]
Social Security Credits and Why You Should Care
Let’s start with some basic facts everyone knows about Social Security: This is all great news, but there’s one little problem. EVERYTHING I JUST SAID IS TOTALLY FALSE. That’s right, these are myths. Now let’s look at what is ACTUALLY true. The Backstory In 1935, FDR signed into law The Social Security Act. The purpose: […]
2024 HSA Contributions
2024 HSA Contribution Limits at a Glance 2024 2023 Change HSA contribution limits (employer + employee) Self-only – $4,150Family – $8,300 Self-only – $3,850Family – $7,750 Self-only – +$300Family – +$550 HSA catch up contributions (age 55+) $1,000 $1,000 No change HSHP minimum deductibles Self-only – $1,600Family – $3,200 Self-only – $1,500Family – $3,000 Self-only […]
IRA Deduction Limits
You may still have time to save before filing your 2024 tax return. Here’s how: you can still fund your Traditional IRA before April 15th, and have it still count for 2023. However, in order for it to be deductible, there are certain rules you have to meet (remember, the IRS loves rules). Roth IRA […]
2022 Profit-Share Tax Strategy
If you’re a business owner (or sole proprietor) you still have time to fund a profit-share retirement plan and save on your 2022 taxes. In some cases, you can still save even if you haven’t set up the retirement plan yet. The #1 deduction where the IRS loses the most money is retirement planning & profit-sharing […]
401k Match and Profit-Share
Last week I had a client ask me whether they should offer a profit-share for their employees. They were curious about the tax benefits and if it made sense for them to make the contribution. I’m going to go over the advice I gave them, and help you learn more about profit-shares and 401k matches […]
Traditional IRAs and Roth IRAs
It’s easy enough for a financial advisor to tell you to start saving for retirement sooner than later. That sounds great, but how do you actually do it? If your job doesn’t offer you a tax saving retirement plan, such as a 401(k) or Simple IRA, you have no idea how to start. You might […]
Year-End Retirement Planning Strategies
It’s the end of the year, and before time runs out, we have a few steps you can take to save money. If you don’t have a retirement plan or were thinking of setting one up, this article is for you. Remember, you’ll have to act fast since the end of 2022 is right around […]
The Solo 401(k)
Did you know that 1 in 4 Americans have no retirement? Don’t want to be one of them. You started a small business, now can afford to put money away for retirement, but you don’t know how. 401(k)s have replaced pensions but you aren’t sure if they’re the best retirement vehicle for your small business. […]
Retirement Plans for Small Business Owners: Simple IRAs
There are so many small business retirements plans it’s impossible to know which one is best for your business. The ones you’ve heard the most about are SEP-IRAs, SIMPLE IRAs and 401(k). If you’re a solopreneur, or have only a couple employees, SEP-IRAs are best. But once you start scaling and have more employees, you’ll […]