Posted on June 06, 2023 by
Steven Rubin
Whether you are an employer or employee, you recognize the benefits of Flexible Spending Accounts (FSAs) to help pay for rising costs of out-of-pocket healthcare expenses. Nevertheless, how unused account balances are treated at the end of the plan year is often misunderstood and can be a source of pain for both employees and employers. […]
Individuals participating in high-deductible health plans (HDHPs) can contribute more of their pre-tax earnings to health savings accounts (HSAs) in 2023 to yield greater tax and savings benefits. For 2023, taxpayers may contribute up to $3,850 to an HSA and qualify for a full tax deduction. For family plans, the annual limit on deductible contributions […]
The 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act) killed off a popular estate-planning strategy that had allowed IRA owners to pass retirement savings tax-free to their heirs and provide beneficiaries with tax-deferred growth and distribution payments over their lifetimes. Under the new law, however, non-spouse IRA beneficiaries must withdraw the entirety […]