Month: August 2014

Do you know your IRA basis

Do you have basis in your traditional IRA? If you’re not sure, taking the time to review prior-year tax returns could save tax dollars in the future. That’s because basis in an IRA reduces the taxable portion of your distributions.…

What are your plans for the dog days of summer?

Here’s a suggestion: Take advantage of the slower pace to begin tax planning for your S corporation. Compensation.┬áStart by making sure you’re on track to pay yourself a reasonable amount of compensation for the year. What’s reasonable compensation? The answer…

Review your health savings account basics and save money!

Introduced by Congress in 2003 as part of the┬áMedicare Prescription Drug and Modernization Act, Health Savings Accounts (HSAs) provide many families with a viable answer to the ever-rising cost of healthcare. In fact, HSAs are often a win-win alternative for…

529 plan withdrawals have tax rules

After years of putting money in your 529 college saving plan, you’re ready to start taking withdrawals to pay tuition bills. Do you know the rules for keeping the withdrawals tax-free? Here’s an overview of three types of 529 plan…