Tax Planning

Medicare & Social Security: Changes for 2023

The new Medicare premiums and Social Security cost of living adjustments (COLAs) have been announced. To learn about the updates, please continue reading below: Medicare Medicare’s Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones…

Inflation Reduction Act: What You Should Know

The Inflation Reduction Act, which was signed into law on August 16, 2022, includes many initiatives such as healthcare and energy-related provisions. Below are some of the key points that you should be aware of: Medicare The legislation authorizes the Department of Health and Human Services to negotiate Medicare prices for certain high-priced, single-source drugs.…

529 Plans in a Covid World

Its widely understood that 529 plans are tax-advantaged education savings vehicles and that there are two types of 529 plans — savings plans and prepaid tuition plans. The tax advantages of each are the same, but the account features are very different. While much of this seems to be known about 529 plans, the pandemic…

The Triple Tax-Advantaged HSA

The Triple Tax-Advantaged Medical Savings Plan – Too Good to Be True? A Health Savings Account (HSA) is a tax-advantaged account that must be paired with a high-deductible health plan (HDHP). To maximize tax benefits HSA funds are used to pay for qualified medical expenses, including things like prescription drugs, eyeglasses, deductibles, and co-payments. HSA…

Key Updates About RMDs

Key Updates About Required Minimum Distributions (RMDs) What are RMDs? Once you reach age 72 (formerly age 70 ½ before the SECURE Act was passed in 2019), you are required to take minimum distributions from your traditional IRAs, SIMPLE IRAs, SEP IRAs, Solo 401(k)s and most other employer-sponsored retirement plans. (RMDs are not required from…