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UPDATES&INSIGHTS: TAX – November 2020

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Do You Know the “Hidden” Advantage of HSAs?

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. But there’s also a “hidden” advantage of HSAs, or at least one that many people overlook: They can play a helpful role in estate planning. Read More

ABLE Accounts Help Those With Disabilities

Achieving a Better Life Experience (ABLE) accounts are tax-free accounts that can be used for expenses of disabled individuals. They can be created by a disabled person or his or her family members or guardians. This article explains eligibility factors and other pertinent details. A sidebar notes an ABLE account’s impact on Supplemental Security Income. Read More

The Tax Impact of Business Property Remediation

Any business that needs to “remediate” or clean up environmental contamination will find that some of the cleanup costs are currently deductible, while others may have to be capitalized over multiple years. This article provides examples of which remediation costs can be claimed for a deduction right away. Read More

Catching Up on Catch-Up Contributions

Those age 50 or older on December 31 of any given year can start making “catch-up” contributions to their employer-sponsored retirement plans by that date. This article helps readers catch up on catch-up contribution amounts for 401(k) plans. Read More

Reduce Income Versus Increasing Itemized Deductions

State income tax deductions have become an issue between Federal and state governments.  Since 2018, income tax deductions for state income taxes and property taxes have been limited to $10,000 for individuals and trusts.  The pain from this limitation was offset in part by the substantial increase in the individual’s standard deduction. Read More