Inherited Health Savings Accounts—Not a Beneficiary’s Best Friend
The Health Savings Account has been a wonderful addition to the financial landscape of people who are eligible for one. They’re often thought of as a way to pay for qualified medical expenses with pre-tax money during your working years for things like deductibles, copays and non-covered items—in other words, things not covered by insurance. The rules change a [...]
2026 Standard Deduction and Tax Rate
Very few people like surprises, at least not the kind that come from the IRS. So, as you look ahead through 2026, here are the numbers the IRS will use to decide how much money they think you’ll owe them. Standard Deduction The standard deduction reduces a taxpayer’s taxable income by a flat dollar amount which is determined by [...]
Less IRS Paperwork for Businesses
Filing tax forms is never fun, but there are some changes coming in 2026 that will make the process easier for businesses who use independent contractors. Businesses that pay independent contractors (non-employees) for services are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, that threshold has been $600 or more in a [...]
What to Know About Gifting in 2025 & 2026
Gifting: Definition The transfer of assets, such as cash, investments or property, from one person to another without receiving anything in return, often with the intent of helping the recipient with financial goals like education, buying a home, or investing. Gifting can also have tax implications for the donor. Gifting is a highly effective estate planning tool that has [...]
No Tax on Your Required Minimum Distribution
Here it is, the end of the year, and you may be faced with that pesky government requirement that forces you to take money out of your IRA whether you want to or not. The distribution is considered ordinary income and you pay taxes on that amount at your tax rate. If you don’t, you’ll end up paying an excise [...]
2025 HSA Contribution Limits
“Hurry, hurry, hurry! There are only a few more saving days until 2025 is over! Don’t miss this opportunity to save tax-deferred dollars and keep the IRS from going deeper into your pocket. Time is running out and come December 31st this opportunity will be GONE, GONE, GONE. So, act now!” Okay, so that may be a little too [...]
Year-End Financial Checklist For 2025
When you look back over the previous 12 months, you might be surprised at what may have changed for you, whether in terms of the economy at large, your individual finances, or your personal circumstances. That’s why the end of the year is a great time to reflect and to prepare for the year ahead. Maybe you want to pay off [...]
2025 Standard Deduction and Tax Rate
It won’t be long before you’ll be gathering every slip of paper and receipt you can find so you can step back into the ring with the IRS. The standard deduction and all tax brackets have been adjusted for the 2025 tax year. Here are the numbers that will be used to determine what you owe. Standard Deduction The [...]
Charitable Giving Strategies You Can Still Use In 2025
It’s always a great challenge to find all possible deductions that will make your tax bill as small as possible. This late in the year you may have thrown up your hands and asked, “What else can I do?” But take heart. There are still several strategies available if you are charitably-minded. Appreciated assets If you itemize deductions on [...]
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