2019 is almost here. But there’s still time to act now and save money on your 2018 taxes.
My advice? Take a few minutes to review two retirement and four medical tax-reduction strategies that I’ve provided in my new article.
Who knows? You may keep thousands of dollars that belong in your pocket. Not in Uncle Sam’s.
But remember. The clock is ticking so act now and read my new article titled Tax Tips: 2018 Last-Minute Year-End Medical and Retirement Deductions.
Six last-minute retirement and medical strategies
you can use in 2018 … if you act fast
Strategy #1: Establish your 2018 retirement plan while there’s still time. Do you have an appropriate retirement plan in place right now? If not, and if you have some cash you can put into a retirement plan, get busy and put it into place immediately so you can get a tax deduction for 2018. To find out more, read the full article.
Strategy #2: Consider converting your 401(k) or traditional IRA to a Roth IRA. Under certain conditions, a Roth IRA, over its lifetime, can produce financial results that are far superior to the kind you’ll get from a traditional retirement plan. To find out more, read the full article.
Strategy #3: Reimburse Section 105 expenses now. If you previously have established a Section 105 medical reimbursement plan, make sure reimbursements take place before midnight on December 31 to qualify the reimbursements as business deductions in 2018. To find out more, read the full article.
Strategy #4: Reimburse the 2018 QSEHRA and make sure you have it set up for 2019. The QSEHRA is a winning compensation strategy for the small business owner. You see, you deduct reimbursements as a business expense and don’t owe payroll taxes on those reimbursements. What’s more, your employees don’t pay income taxes or payroll taxes on the reimbursements. To find out more, read the full article.
Strategy #5: Comply with S Corporation Rules for the Health Insurance Deduction. If you’re the owner of an S corporation, make sure you’ve complied with two important requirements before December 31. We’ll explain them in detail and tell you what to do. To find out more, read the full article.
Strategy #6: Be sure to claim your tax credits. Do you currently provide health insurance as a fringe benefit to your employees? If so, you may be eligible for valuable tax credits. If you are an Affordable Care Act–defined small business employer, and you are about to cover your employees with group health insurance, you can claim a tax credit of up to 50-percent in tax years 2018 and 2019. To find out more, read the full article.