Don’t miss my new article! In the new COVID-19 relief law, lawmakers enacted some extremely important legislation. It was designed to provide tax relief during the devastating COVID-19 pandemic. Some of the relief came in the form of direct government financial assistance.Most of the provisions of the law came in the form of extra deductions or tax credits that put … [Read more...]
Medical (for 105 plans see Section 105 medical plan)
Sorted by Date
ABLE Accounts: A Great Deal for the Disabled and Their Families
61 million adults, and over 12.6 million children in the United States, have some type of disability. That’s why ABLE accounts can be so tremendously helpful. These tax-advantaged accounts for the disabled are relatively new and they remain little known. A pity. You see, ABLE accounts can be real game-changers because they allow the disabled to save money without … [Read more...]
Tax Considerations When a Loved One Passes Away (Part 2)
Benjamin Franklin observed that “nothing is certain except death and taxes.” And when the death of a loved one does occur the inevitable issue of taxes does arise. Who is responsible for paying the taxes due upon the decedent’s death? The executor. And if you become an executor, I urge you to read the full article. It’s the second in my three-part series that … [Read more...]
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers
If you’re a regular reader of the Tax Reduction letter, you know our goal is to help small businesses. But in this issue, we’ve got some good news for non-business taxpayers who file Form 1040s. Thanks to the huge stimulus bill enacted on December 27, 2020, there’s a way for everyone to come out a winner. I’m talking about a host of tax breaks that can save money for … [Read more...]
2020 Last-Minute Year-End Medical Plan Strategies
I want to ask you an extremely important question. Are you a small-business owner with fewer than fifty employees? If you are, then take my advice… You should definitely have a medical-plan for your business in place before 2021 rolls around! Why? Because having a medical plan makes for a happy workforce and, in the right circumstances, can save you a lot of … [Read more...]