A Health Savings Account (HSA) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2022, individuals with self-only coverage can make tax-deductible contributions to an HSA of up to $3,650 ($7,300 for family coverage). These limits are increased by $1,000 for individuals aged 55 or older. […]
As travel returns, so do travel scams
Even though COVID-19 remains a concern, many people have started traveling again — and are planning to take trips during the holiday season. Unfortunately, as travel demand has increased, so has travel-related fraud. For example, some fraud perpetrators posing as airline employees call would-be victims to try to elicit credit card numbers. Other scam artists send […]
Selling trade or business property? Know the tax effects
Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable property used in your business and you’ve held it for more than a year. (Different rules apply based on property type, such as property held […]
Year-end gifts and the gift tax annual exclusion
With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and loved ones. By using your annual exclusion, those gifts — within generous limits — can reduce the size of your taxable estate. For 2022, the annual gift exclusion is $16,000. This covers gifts you make […]
Have you considered a cost segregation study?
Because of the economic impact of inflation, many companies may need to conserve cash and not buy much equipment this year. As a result, you may not be able to claim as many depreciation tax deductions as in the past. However, if your company owns real property, there may be another approach to depreciation to […]