by candy | Mar 3, 2025 | Community, Featured, Taxes
A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals save for medical expenses. HSA contributions are tax-deductible, and the funds can be used to pay for qualified medical expenses without incurring federal taxes. For 2025,...
by candy | Feb 13, 2025 | Featured, News Letter, Taxes
Starting in January 2025, the IRS will allow you to contribute more to your Health Savings Account (HSA) as part of its annual inflation adjustments. For individuals with self-only coverage under a high-deductible health plan (HDHP), the contribution limit will rise...
by candy | Jan 30, 2025 | Taxes
When it comes to reducing your taxable income, choosing between the standard deduction and itemized deductions can have a significant impact on how much tax you owe. Let’s break down what each option means and how to decide which is right for you. What is a Tax...
by candy | Jan 23, 2025 | Shared, Taxes
If you’re nearing retirement or managing retirement accounts, understanding Required Minimum Distributions (RMDs) is essential. Recent updates, including changes from the SECURE 2.0 Act, have shifted the timeline and rules for these mandatory withdrawals. Here’s a...
by candy | Jan 9, 2025 | Taxes
For taxpayers seeking a simpler, no-cost way to file their federal tax returns, the IRS is making a significant move. After a successful pilot program, Direct File will become a permanent option starting in the 2025 tax season. This option, which allows for free, easy...
by candy | Jan 6, 2025 | Taxes
As Donald Trump prepares to assume the presidency once again, we can anticipate renewed attempts to extend and expand provisions from his 2017 Tax Cuts and Jobs Act (TCJA). This landmark legislation, a signature achievement of his first term, is set to expire in 2025,...