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The ABCs of HSAs

What Makes an HSA so Great? The Health Savings Account or “HSA” is an account intended to fund medical expenses, which provides you with the “best of all worlds” from a tax standpoint.  Similar to a Traditional IRA, you are able to make tax-deductible contributions into the account.  Similar to a Roth IRA, the growth…Continue Reading

Pros & Cons of Private Prepaid 529 Plans

Private College 529 plans, formerly called Independent 529 plans, have unique features that distinguish them from regular 529 plans.  These key differences should be carefully considered before deciding if a Private College 529 plan is the right savings vehicle for your financial goals. The Basics To participate in a Private College 529 plan, you buy…Continue Reading

Traditional vs. Roth IRA

There are two types of Individual Retirement Arrangements (IRAs): Traditional IRAs and a Roth IRAs.  Several similarities and differences are listed below based on current law. Traditional IRA Traditional IRAs are retirement vehicles that provide tax-deferred growth.  Individuals under the age of 50 may contribute the lesser of earned income or $5,500 in 2017.  Individuals…Continue Reading

Essential Facts about the American Health Care Act

On March 6, House Republicans released their proposed health-care plan, The American Health Care Act (AHCA), as a replacement for the Affordable Care Act (ACA). The bill repeals the health insurance mandate for both individuals and large employers; caps Medicaid funding to states beginning in 2020; eliminates several ACA taxes including those applicable to high…Continue Reading

Digital Deception: Current Trends in Cybercrime

Private companies and government agencies that hold personal information are responsible for protecting that data, but even the most vigilant organization can be vulnerable. Moreover, once a breach has occurred, the aftershocks can last for years as cyber thieves exploit stolen information. Here is an overview of current cybersecurity trends and steps you can take…Continue Reading

The Alternative Minimum Tax (AMT)

The AMT is essentially a separate federal income tax system with its own tax rates, and its own set of rules governing the recognition and timing of income and expenses. If you’re subject to the AMT, you have to calculate your taxes twice — once under the regular tax system and again under the AMT…Continue Reading

Tax Saving Strategies after Year End

Since 2016 has come to a close and we are now in the peak of tax season, it may be advantageous to look at potential tax savings strategies that could help you save on your 2016 tax bill. Despite the fact that most 2016 income tax related transactions must occur prior to the end of…Continue Reading