What’s the Deal with Health Savings Accounts?
Health savings accounts are paired with high-deductible health plans for an especially adaptable insurance and savings program. HDHPs have large deductibles that members must meet before receiving coverage. Participants meet those deductibles by contributing their own money to HSAs. The government does not tax these funds as long as they’re used to pay for qualified […]
Cutting Costs During Inflationary Times
The inflationary cycle we are now in is causing anxiety for many consumers. Coming on the heels of the disruptions caused by the COVID-19 pandemic makes it feel even worse. And then there is the prospect of a future recession. It is enough to make one’s head spin. But today, for now, we are struggling […]
The Inflation Reduction Act: What Does It Contain?
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do? To start with the name, the act’s proponents say the new law will fight inflation with deficit reductions — which makes most people ask, “Does it raise my […]
What To Know About the Plug-In Electric Drive Vehicle Credit
In August, the IRS posted new guidance for current and future owners of electric vehicles, outlining the tax benefits available. If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after Aug. 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was […]
Long-Term Care Insurance: Right for You?
Someday, you may need assistance with such routine daily activities as bathing, dressing or getting in and out of bed. An LTC insurance policy is there to help with the costs of such care should you have a chronic medical condition, a disability or a disorder like Alzheimer’s disease. Nearly 70% of 65-year-olds will need […]
Estate Planning for the High-Net-Worth
President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred […]
