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Archive for December, 2018

Distributions from Retirement Accounts

For those who are nearing the age of seventy (70), there is a little-known tax law called the Required Minimum Distribution (RMD). If you have money put away in IRAs, 401ks, or other retirement accounts, once you reach the age of 70 years old, money must be distributed from these retirement plans. The Internal Revenue Service requires that distributions be…read more →

Year End Tax Savings & Deductions

Year-end is right around the corner so let’s talk about some things that we can do toward the end of the year to save on our taxes and maximize our deductions. Make HSA contributions – A Health Savings Account (HSA) is for people who may be eligible to put away $6900* each year. And if you are 55 years old,…read more →

Carryover Option for Health Flexible Spending Arrangements (FSA)

The IRS offers some carryover to health flexible spending arrangements (health FSAs). The carryover can be advantageous but like all IRS rules this one is complicated. There are some important limitations you need to know before taking advantage of a Health Flexible Spending Arrangement. Employers may allow plan participants to carry over up to $500 of their unused health FSA…read more →

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