It’s never too late to start saving for retirement, but the sooner you begin, the more time your money has to grow. That’s because gains each year build on the prior year’s gains thanks to the power of compound interest – and it’s the best way to accumulate wealth. Here are a few tips to keep in mind when saving for retirement:
HSA Limits Increase Significantly for 2023
Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2023, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $3,850 for individuals with self-only coverage (up $200 from 2022) and $7,750 for family coverage (up $450 from 2022).
Common Small Business Budgeting Errors to Avoid
When creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.
Choosing a Payroll Service Provider
When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments.
Settling Tax Debt With an IRS Offer in Compromise
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone can use this option to settle tax debt; the IRS rejected nearly 60 percent of taxpayer-requested offers in compromise. If you owe money to the IRS and wonder if an IRS offer in compromise is the answer, here’s what you need to know.
What Are IRS Notices CP2100 And CP2100A?
If you received a CP2100 or CP2100A notice from the IRS this year, don’t ignore it. Here’s what you need to know:
Tax Tips for Students with a Summer Job
With teen employment expected to be plentiful this summer, with better pay and more opportunities, chances are good that your high school or college student will have a job this summer. Here’s what they should know about summer jobs and taxes:
Preparing for Hurricanes and Other Natural Disasters
The Atlantic hurricane season officially begins on June 1, and now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes:
Five Things to know before Starting a Business
Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help.
What to Know If You’re Selling Your Home This Year
In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year.