HSA's (Health Savings Account) contribution has people wondering about the effect of the new changes, especially on limits. Taxpayers are to have health benefits coverage for 2023....
Posted by Taxes Made EZ Inc on 01/30/2023
A deferred variable annuity is a contract with an annuity provider to pay a certain amount for some period or lifetime. The annuity provider deposits the money in any investment portfolio...
Posted by Dennis Jao on 01/30/2023
The IRS allows taxpayers to deduct medical expenses used by themselves, their spouses, or someone claiming them as a dependent. Although tax returns do not accept medical deductions...
Posted by Pat Raskob, Emeritus on 01/26/2023
This goes for the money you earn and the interest and dividends you earn on your investments. Unless the IRS specifically describes a type of income as non-taxable, you are expected...
Posted by Tiffany Gaskin on 12/31/2022
There are many retirement accounts, but two are familiar – the Roth IRA and the 401(k). The two have a big difference: you can get a 401(k) account from your workplace while...
Posted by Taxes Made EZ Inc on 12/27/2022
The first-time home buyer's tax credit was introduced during the 2008 financial crisis to help Americans buy more affordable homes. Although there are many other mortgage and loan...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/18/2022
The SECURE Act, passed in late 2019, changed the rules for saving and withdrawing money from retirement accounts. Also, it was the first major legislative change to tax laws in more...
Posted by Pat Raskob, Emeritus on 12/08/2022
You may have considered a custodial account if you want more flexibility regarding how your child's education funds are allocated. That way, the money doesn't have to be used...
Posted by Rosovich & Associates, Inc. on 11/28/2022
Suppose you're in active service and receive pre-retirement payments; you can decide to rollover the amount into another retirement account. Or suppose you switch between jobs;...
Posted by Dennis Jao on 11/17/2022