Category Archives: Tax

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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Tax Reform Update: The Tax Cuts and Jobs Act

Please note that the information presented below is current as of press time and will be updated as information becomes available. At nearly 500 pages and counting, the Tax Cuts and Jobs Bill (H.R. 1) is the first significant tax reform effort undertaken by Congress in more than 30 years. If the proposed tax reform…
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Tax Advantages of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) 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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Five Common Budgeting Errors & How to avoid them

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals. It's almost impossible to set spending priorities without clear goals for the coming year. It's important to identify, in…
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