The inflation-adjusted Health Savings Account (HSA) thresholds for next year have been announced by the IRS. For calendar year 2022, a high deductible health plan is one with: 1) an annual deductible of at least $1,400 for individual coverage (unchanged from 2021), or $2,800 for family coverage (unchanged from 2021); and 2) maximum out-of-pocket expenses … Read More
A new retirement bill is winding its way through Congress. The Securing a Strong Retirement Act of 2021, informally known as the SECURE Act 2.0, looks to expand on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The bipartisan bill’s provisions include increasing the current required minimum distribution age of 72 … Read More
If you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It’s also one of the most difficult. So difficult, in fact, that avoiding it is one of the most common reasons people put off drafting an estate … Read More
Help is available through the American Rescue Plan for eligible employers to pay sick and family leave related to the pandemic. That includes leave taken so that employees can receive the COVID-19 vaccine and recover from it if needed. Eligible employers (those with fewer than 500 employees) can claim a tax credit against the employer’s … Read More
Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself. Carefully designed financial and health care powers of attorney allow you to designate a trusted person to make financial and medical … Read More
The U.S. Department of Labor (DOL) recently released FAQs about the COBRA premium assistance credit, which was added by a recent law. The American Rescue Plan Act provides a 100% premium subsidy for qualified beneficiaries who are 1) currently enrolled in COBRA or 2) eligible but didn’t enroll previously or enrolled but dropped out. It … Read More
Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families that still have to contend with significant federal estate tax liability. Plus, the exemption is scheduled to drop significantly in 2026, and reducing it sooner has been proposed. Even if you aren’t subject to federal … Read More
New vehicles have been added to the list of those qualifying for a valuable tax break. The tax code provides a tax credit to purchasers of qualified plug-in electric-drive motor vehicles including passenger vehicles and light trucks. The credit is equal to $2,500, plus an additional amount, based on battery capacity, that can’t exceed $5,000. … Read More
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business … Read More
Did you collect unemployment benefits in 2020? If so, the IRS is reminding you of an important law change that may affect you. On March 11, 2021, the American Rescue Plan Act excluded unemployment benefits received in 2020 from income (up to $10,200 per individual), a move which could reduce your tax bill. But suppose … Read More