Tag Archives | Income Tax Planning

Health Savings Accounts: Good Medicine for Some Individuals

  Like an apple a day that keeps the doctor away, IRS-approved health savings plans help people avoid bankruptcy caused by catastrophic illnesses. The U.S. Internal Revenue Service (IRS) provides a couple of ways for people to save for future medical expenses before paying taxes on their earnings. One popular choice: Health Savings Accounts (HSAs). […]

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Washington Hotline – March 19, 2019

WASHINGTON NEWS IRS Tips on Protecting Your Identity In IR-2019-41, as part of a Tax Time Guide series, the Service offered specific tips for protecting personal information. Each tax season, the Service receives many complaints about con artists who steal personal information and money from unsuspecting victims. The IRS sponsors a Security Summit and regularly […]

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Are IRAs the same as 401(k) plans?

  Are IRAs the same as 401(k) plans? Often mistaken for one another, IRA and 401(k) plans are similar – but   not exactly the same. Besides being eligible for IRAs (Individual Retirement Accounts), working people can save some of their pay – and some tax dollars – through company-sponsored 401(k) plans. Both types of tax-deferred savings […]

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The Year of the Pig

  Facts & Figures to Help You Build Wealth   2019: The Year of the Pig        Should you put more money               into IRA accounts this year?   In 2019 . . . February’s two-week Chinese New Year celebration ushers in the Year of the Pig. According to Asian culture, anyone born under the sign […]

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Washington Hotline – February 12, 2019

WASHINGTON NEWS IRS Cautions – Avoid “Ghost” Tax Preparers As taxpayers gather their W-2s, Forms 1099, charitable gift receipts and other financial information, tax filing season is now in full gear. In IR-2019-9, the IRS cautioned taxpayers not to use tax preparers who refuse to sign the taxpayer’s return. These individuals are called “ghost” preparers, […]

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Washington Hotline – February 5, 2019

WASHINGTON NEWS IRS Faces Five Million Unopened Letters During the 35-day federal government shutdown, the IRS taxpayer assistance phone lines were not available. Millions of frustrated taxpayers who needed information from the IRS responded by writing letters. How many letters were sent to the IRS? An estimated five million unopened letters greeted the returning 75,000 […]

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