Medical expenses can become a financial burden the further along you get in years. AARP estimates that if you are in your fifties today, you can expect to spend around $500,000 in qualified medical expenses out-of-pocket once you retire. Taxpayers have three choices when planning for the future: Option #3 can give you the most […]
Many taxpayers’ plan for retirement expenses is simply to set aside money in their savings account—if they are doing anything at all. This leaves many retirees unprepared for major costs, such as medical expenses. AARP estimates that taxpayers who are currently in their fifties will spend an average of $500,000 out-of-pocket on qualified medical expenses
How Health Care Savings Can Lead to Tax Savings: When to Recommend a 401(h) Plan Read More »
Rising health care costs are becoming a financial obstacle for many retirees. The Fidelity Retiree Health Care Cost Estimate found that the average 65-year-old retiree will need about $165,000 to cover their total health care expenses. What if you could save for these necessary expenses and lower your tax liability at the same time? Many
Understanding the World of Health Care Reimbursements: The Tax Benefits of HRAs Read More »
Saving for retirement is one arena where tax planners can provide value to their clients. Even your financially savvy clients may not be aware of the strategies they can use to increase the amount of money available during retirement and decrease the amount lost to taxes. One underutilized strategy is to leverage health care savings
How Health Care Savings Can Lead to Tax Savings: When to Recommend an HRA Read More »
An IRS audit can happen to anyone—but this is not an invitation to panic. With enough advance preparation, you can sail through an audit with surprisingly little stress. The first step in this preparation process is to make sure you understand the basics: what are the reasons you might be selected for an audit, how
IRS Audits 101: Could it Happen to You and How to Prepare Read More »
One of the many roles we play as tax planners is as the taxpayer’s audit support system. Just the word “audit” can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they
Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101 Read More »
Just the mention of the word “audit” can strike fear into a taxpayer’s heart—but with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been
The Best Audit Defense? Good Documentation Read More »
When that IRS audit notice shows up in the mail, many taxpayers’ first reaction is to panic. For well-trained tax planners, however, this can be our moment to shine—and to demonstrate to our clients the immense value that we bring to the table. Many taxpayers don’t realize that a number of tax returns are chosen
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