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2023 Health Savings Account (HSA) Limits
New contribution limits are on the horizon. Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2023 contributions…. -
Receive Tax-Free Income – The Augusta Rule
How The Augusta Rule works for taxpayers who own a home in the United States to receive a tax-free income. This article has been updated and is accurate as of August 2022 What is the Augusta Rule? The Augusta Rule,… -
Hidden Back to School Tax Deductions
Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Finally, don’t forget to review… -
New Mileage Rate and How to Track Business Miles
Have you heard the news? The IRS announced that the business mile rate has increased! From July 2022 through the end of December 2022, the new rate is 62.5 cents per business mile. So, what exactly are “business miles?” I… -
Turning Your Hobby into a Business
You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you… -
5 Great Things to Know about IRAs
IRA’s can be a powerful tool to lower taxes all while saving for retirement or other predetermined uses. Here are five fairly unreported things to know about IRA’s. Tax rules surrounding IRAs are vast and complex. But within the rules… -
Layering Your Bank Accounts
For years, savings and checking accounts provided very little in the way of interest income. In our current inflationary times, however, interest rates are on the rise. What is also on the rise is the comeback of traditional banking products.… -
New Mileage Rates for 2022
New rates begin in July. In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first half of the year. Use the… -
Protect Yourself From Tax Scams!
There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay… -
Understanding Tax Credits Versus Deductions
Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding… -
2023 Health Savings Account Limits
Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2023 contributions. What is an HSA? An HSA is… -
Great Tax Reduction Ideas
The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways…