It’s Open Enrollment Season. Time to Take a Good Look at HSAs

To the best of my knowledge, contributing to a Health Savings Account (HSA) is the only investment opportunity that allows for tax-deductible contributions and tax-free withdrawals. Please note that only individuals with a qualifying high-deductible health insurance...

2018 & 2019 Tax Facts

For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...

Social Security Max Increases to $132,900 for 2019

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2019, the maximum wage base jumps to $132,900, an increase of $4,500, or 3.5%, over the max of $128,400 that was in place for 2017. At a rate of 6.2%, the maximum Social...

IRS Announces Higher Retirement Plan Limits for 2019

Contributing to a retirement plan is one of the best tax shelters available to you during your working years.  Recently, the IRS announced that many of the retirement savings limits will increase for 2019. Employer Sponsored Plans Most working professionals have...

Tax Guide for Physicians Working as Independent Contractors

Our friends at Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving...