Why You Should Be Using A Health Savings Account (HSA)

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When enacted, the Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all. As of 2022, over 35 million HSAs were active, with assets amounting to $104 billion. The Devenir […]

Important Depreciation Clarifications

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In our continuous effort to provide value, here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: A rental property begins depreciating when it’s available to rent, […]

Repairs Or Improvements? Maximize Your Tax Benefits With Repairs.

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The distinction between repair expenses and improvement costs can impact your tax benefits. The tax law categorizes repair and improvement costs differently. Repair expenses are generally more beneficial for tax purposes, providing greater after-tax cash value than the depreciation deductions you would get from improvements or additions. One key reason for this is recapture taxes. […]

Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)Plans Are A Great Alternative To Group Health Insurance

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As a small employer (fewer than 50 employees), you should consider the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) as a good way to help your employees with their medical expenses. If the QSEHRA is indeed going to be your plan of choice, then you have three good reasons to get that QSEHRA plan in […]

The Importance Of Mileage Logs For Your Business Vehicle Deduction

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I am writing today to bring to your attention a crucial aspect of business tax deductions: mileage logs. In most court cases, taxpayers lose vehicle expense deductions because they cannot present a credible business mileage log. The IRS code forbids deductions for vehicle expenses when taxpayers cannot prove the mileage and provide an adequate record. […]

Buying An Electric Vehicle? Don’t Overlook State EV Tax Credits!

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As an integral part of our commitment to keep you updated on matters that could affect your financial decisions, we want to inform you of recent changes and available incentives on electric vehicles at both the federal and state levels. While lawmakers extended the federal tax credit for personal-use electric vehicles through 2032, they restricted […]

Health Insurance Tax Deduction For S Corporation Owners; Don’t Make This Mistake If You Want This Valuable Tax Deduction

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When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages. When calculating the amount eligible for the Form 1040 self-employed health insurance deduction, you must use your Medicare wages (listed in box 5 of Form W-2) […]

IRA to HSA Rollover; Take Advantage To Save Major Taxes

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Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: You can deduct contributions from your taxes. Your account balance grows without being taxed. Withdrawals for medical expenses are tax-free. And […]

Business Gym Tax Deduction Guidance

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I know you have been thinking about employee fitness and possibly a gym or other athletic facility. To be tax deductible, your gym or other athletic facilities must be primarily for the benefit of your employees—other than employees who are officers, shareholders, or other owners who own a 10 percent or greater interest in the […]