Health Savings Accounts & Cafeteria Plans

Health Savings Accounts (HSAs) and Cafeteria Plans (125) You've probably heard information about the "new HSAs," but may be unsure of what they are and/or the requirements. Basically, they are a way to set aside tax-free funds for medical purposes, for eligible individuals. The tax favorable elements are: - contributions… Read More!

Tax Tips & Highlights for 2011-2012

Tax Tips and Highlights for 2011-12 Payroll Tax Issues In November 2011, you should have received "Your Year 2012 Federal Tax Deposit Requirements" from the IRS, your annual Unemployment Compensation Tax Rate Notice for 2012, and notification from the state if you are required to file unemployment forms and taxes… Read More!

Are You Maximizing Your Medical Deductions?

Unreimbursed medical costs can only be claimed to the extent they exceed 7.5% of adjusted gross income. In addition to hospital and doctor bills, the following expenses should also be taken into account: 1) Health insurance premiums. This could total several thousand dollars per year. If your employer is deducting… Read More!