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If you answered YES to those two questions, then you could save THOUSANDS in taxes by electing to file as an S-Corp!
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Kasey has been a game-changer for me, thanks to Kasey's expertise in business and taxes. The stress of quarterly payments used to weigh me down, but Kasey takes that worry off my plate. Her mind-blowing skills in handling taxes and optimizing my situation have truly impressed me. Figured Out is the place to go for all your accounting needs—I highly recommend them.
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Figured Out and Kasey are true lifesavers! When I started my photography business, I felt overwhelmed with all the business setup, accounting, and tax questions. Thankfully, Kasey is there every step of the way, providing invaluable support and expertise. As I grow, Kasey continues to amaze me. She meticulously reviews my KPIs and helps me increase my cash flow and bottom line.
Figured Out saved the day! As a performer receiving 1099 forms, I was drowning in taxes, owing a staggering amount. Thankfully, I reached out to Kasey, and she worked her magic. Through entity creation and tax optimization, she guided me to a $3,000 refund! The expertise and dedication of Kasey and the Figured Out team are unmatched. When it comes to taxes, they have your back. I can't recommend them highly enough!
Her expertise in finding customized solutions to maximize deductions and ensure compliance is truly impressive. What sets her apart is her exceptional ability to break down complex tax concepts in a way that's easy to understand. Working with Kasey is a breeze—she's responsive, reliable, and always goes above and beyond to address any questions or concerns.
I can't express enough gratitude to Kasey for helping me sort out my taxes across multiple businesses as I transition into semi-retirement. Her optimization of my tax situation and her invaluable expertise have been a tremendous help. The stress-free process, thanks to her clear explanations of complex concepts, has been a relief. For professional and reliable tax assistance, I highly recommend Figured Out.
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Maximizing Tax Savings with Health Savings Accounts (HSAs)
An HSA can be a fantastic way to save money while prioritizing your health. It's like a triple threat - contributions are made pre-tax, the account grows tax-free, and withdrawals are also tax-free when used for qualified medical expenses. Let's dive into the details and explore how HSAs can benefit you.
Understanding Health Savings Accounts (HSAs): A Health Savings Account is a specialized savings account where you can set aside a portion of your income each year to cover qualified medical expenses. The best part is, you don't have to wait until retirement to use it - you can access the funds for eligible expenses at any time.
To open an HSA, you must have a high deductible health insurance plan. As of 2019, the IRS defined a high deductible plan as having a deductible of at least $1,350 for individuals or $2,700 for families, with total yearly out-of-pocket expenses not exceeding $6,750 for individuals and $13,500 for families. These numbers increased slightly in 2020 to $1,400 for individuals and $2,800 for families, with out-of-pocket limits of $6,900 for individuals and $13,800 for families.
Contribution Limits: For 2019, you could contribute up to $3,500 for individuals and $7,000 for families. In 2020, the limits increased to $3,550 for individuals and $7,100 for families. These amounts can be adjusted annually, so it's essential to stay informed about the latest contribution limits.
Tax Savings: HSA contributions are made with pre-tax dollars, reducing your taxable income for the year. This means you'll pay less in income taxes, allowing you to keep more of your hard-earned money.
Tax-Free Growth: The funds in your HSA grow tax-free over time, further maximizing your savings potential. You can invest the money in various financial instruments to potentially earn more than a regular savings account.
Tax-Free Withdrawals: As long as you use the funds for qualified medical expenses, your withdrawals from the HSA are entirely tax-free. This includes expenses like doctor's visits, prescriptions, dental care, and vision-related costs.
Retirement Savings: If you don't use all the HSA funds for medical expenses during your working years, don't worry. After you reach age 65, the HSA can be treated like a traditional IRA, allowing you to withdraw funds for any purpose without penalties (though income tax will apply to non-medical expenses).
Some individuals choose to save all their medical receipts over the years and let the HSA balance grow. This strategy allows them to reimburse themselves for qualified medical expenses at any time, even years after incurring them.
Final Thoughts: If you're eligible for an HSA, I highly recommend taking advantage of this powerful tax-saving tool. It's an excellent way to safeguard your health while simultaneously building a financial safety net for the future. Remember to stay updated on the contribution limits and make the most of the tax benefits it offers.
If you have any questions or need assistance with your year-end planning, please contact us to talk more! Happy saving and investing, and remember to prioritize your health and financial well-being!