Employee Benefits & Compensation

Tax Preparation

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Health Savings Account

What is a Health Saving Account?

Health Savings Accounts are used to fund medical expenses incurred throughout the year and are typically available as part of a high deductible healthcare plan.

What are the advantages of a Health Savings Account?

The Health Savings Accounts deduction is a federal tax incentive that provides tax advantages, designed to offset medical costs. The tax benefit is an adjustment used to ultimately reduce taxable income. For 2018, annual contributions to these plans are capped at $3,450 for single filers and $6900 for joint filers.

Who qualifies & why should you adopt?

Any individual enrolled in a high deductible health plan qualifies for enrollment in a Health Savings Account. Additionally, small business owners providing such healthcare plans for employees are also eligible for enrollment.

Individuals expecting healthcare costs throughout the year, should enroll in a Health Savings Accounts to optimize tax advantages for costs they would or could incur.

Individual Retirement Plans (IRA)

What are Individual Retirement Plans?

Individual Retirement Plans are personal investments designated to fund one’s cost of living upon retirement. There are several types of retirement plans, almost all of which are funded with an individual’s income. These Plans can be sponsored by an employer and funded through wages or they can be administered outside of one’s employer and funded by the owner.

What are the advantages of Retirement Plans for Individuals?

Individual Retirement Plans provide numerous investment and tax benefits. Depending on the plan, a variety of investment options are normally available based on risk tolerance, goals, and funding levels. Further, many plans can provide either tax deferred, tax free, and/or tax reduction opportunities.