Month: December 2017

Archive for December 2017

Retirement Contributions Limits Announced for 2018

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2018 have been announced by the IRS. Here are the highlights: In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the…

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The Tax Cuts & Jobs Act is Passed – How Will These Changes Affect You?

In our last article, The Congressional Tax Plans & 2017 Year End Individual Planning Considerations, we laid out some considerations that all taxpayers should look at, in view of the pending tax changes, as the year was coming to a close.  Now that the House and Senate have passed the plan and sent it to…

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Tax Advantages of Health Savings Accounts

While similar to FSAs (Flexible Savings Arrangements) in that both allow pre-tax contributions, Health Savings Accounts, or HSAs, offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. What…

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Flexible Spending Accounts (FSAs)

Flexible Spending Accounts or FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by health insurance plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, now is when many employers are offering employees the option to participate during the…

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