Get ready to really stuff your health savings account. The Internal Revenue Service just announced the 2018 inflation-adjusted limits for health savings accounts, and they’re up. For 2018, you can contribute up to $3,450 (up from $3,400 in 2017) for single coverage, or up to $6,900 (up from $6,750 in 2017) for family coverage.
There are many articles and stories that use marriage as a metaphor for business partnerships.
It’s a useful comparison since both types of relationships require work, commitment, collaboration, vision, sacrifice — plus a bunch of other factors — to be successful.
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WASHINGTON — The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners.
As part of National Small Business Week (April 30-May 6), the IRS is highlighting a series of tips and resources available for small business owners.
The Internal Revenue Service released the 2018 inflation-adjusted limitations for health savings accounts Thursday.
In Revenue Procedure 2017-37, the IRS said the annual contribution limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,450. For calendar year 2018, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,900. HSAs typically require high deductibles, but they allow people to set aside money from their paychecks on a pre-tax basis for medical expenses.
In this video, Entrepreneur Network partner Brittney Castro explains three good ways you can spend the money you get from your tax refund. The first way is to fund an IRA, so you can invest your money into retirement. To maximize the investment, Castro stresses the importance of meeting with a financial planner for this step to decide which kind of IRA would be best for you.
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WASHINGTON — Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues:
A bipartisan group of lawmakers has reintroduced the Marketplace Fairness Act in another effort to bring more consistency to the imposition of state sales and use taxes on online purchases.
The act would give states the right to require out-of-state businesses selling online or via catalogs to collect state sales taxes on purchases sold into their states.
For those who have to pay someone to care for a dependent so they can work, there’s help in the Tax Code – provided they can figure out which program works best for them.
Right now, taxpayers can choose between two programs with overlapping requirements and benefits — the Dependent Care Assistance Program and the Dependent Care Tax Credit. Moreover, there are two more possibilities in the administration’s pending tax reform proposal.
It’s too late for your 2016 tax return, but there are plenty of things you can start doing and ought to start doing now to lower your 2017 tax bill.
What are some of those things? Here’s what experts – certified public accounts who are also personal financial specialists – recommend:
The American Institute of CPAs has proposed a new standard for auditing the financial statements of employee benefit plans, after the Department of Labor released a report criticizing the quality of ERISA plan audits.