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:
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
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
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
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