What’s the best way to save for retirement? The surprising answer is a Health Savings Account (HSA). The HSA is a tax-advantaged medical savings account, much like an IRA, that’s paired with a high-deductible health plan. Why is an HSA such a great way to save for retirement? Because an HSA is the only tax-advantaged account that gives you three important … [Read more...]
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IRAs Are Powerful Moneymakers for Kids
To get my complete, FREE articlewith all the details… The last things kids worry about today is how much money they’ll need in retirement. Which is a pity. And that’s why it makes good sense for you to sit them down and have “the talk” with them. No. Not about the birds and the bees. You have to explain to your children (who have W-2 income), how modest, regular … [Read more...]
Tax Treatment of Employer-Provided Meals: What’s New?
To get my complete, FREE articlewith all the details… Marie Antoinette said, “Let them eat cake.” The IRS said, “Let them eat lunch.” That’s right. For decades, you’ve been able to provide employees with free meals as a tax-free fringe benefit. When it comes to meals, “Free” is a beautiful word. Free meals, that you provide, can offer you some nice tax … [Read more...]
Three answers to ‘Paying for College’ questions
To get my complete, FREE articlewith all the details… In a recent article, I explained how, by paying your college student to do a job for your business, you could save a lot of money. For example, let’s say you paid your youngster $23,255 for a one-time job; one that wasn’t subject to self-employment taxes. Using this strategy, you could deduct the $23,255 and … [Read more...]
Case Study: Employee Retention Credit for the Start-Up Business
To get my complete, FREE articlewith all the details… Did you start a new business after February 15, 2020? If yes, then you may be eligible for a hefty “employee retention credit” (ERC). And what an ERC! The credit is worth up to $100,000 for the third and fourth calendar quarters of 2021! A case study: How Henry and Heide came out winners.And how you can come … [Read more...]