Three Reasons Why Your HSA Should Be Your First Pre-Tax Priority – Foster Financial
You can only put so much in an IRA every year. In 2019, the cap is $6,000. But if you want to increase your retirements savings beyond what you can add to your IRA, look into HSAs. An HSA, or a Health Savings Account, is a supplemental part of a high deductible health plan. You […]
Health Savings Account (HSA) Tax Benefits You Should Know About – Foster Financial
As one year wraps up and a new one begins many individuals and businesses turn their attention toward decreasing their tax burden. One consideration to keep in mind is an HSA. As you move forward into the new year, you should be aware of what HSAs are as well as the tax benefits they provide. […]
TCJA Sets New Rules for Luxury Vehicle Depreciation – Foster Financial
If you drive, deliver goods, or otherwise rely on a vehicle or fleet to generate business, the Tax Cuts and Jobs Act (TCJA) has some good news. Under the new law, the amount you can deduct for vehicle depreciation increased more than 60% for first-year automobiles! Property Depreciation 101 The government does a […]
Can You Take the New 20% Tax Deduction for Business? – Foster Financial
Although the new tax bill (Tax Cuts and Job Act) was supposed to simplify things, some folks are doubting that these days. One provision, Section 199A, the 20% pass-through tax deduction for certain business entities, has given rise to many questions. The IRS did put out some clarifying information in August that should help, but […]
2018 Year-End Tax Strategies – Foster Financial
You’re closing the books on 2018. For the small business owner looking to avoid headaches in the New Year, follow our year-end tax guide to maximize deductions and profits this coming tax season. Document Retention: It Matters Don’t miss out on available tax deductions because you didn’t save receipts. This isn’t only a […]
A Look Ahead: What the Revised Tax Bill Means for You – Foster Financial
Permanent Tax Cuts Don’t let the partisanship of the vote count fool you: the bill, to make permanent the 2017 tax cuts, would be welcome news for families and small businesses. The problem, which very well may prevent it from even getting to the Senate floor for a vote, is the cost. The Protecting […]
What You Need to Know About 1099 Employees – Foster Financial
36% of working Americans, 57.3 million people, freelanced last year. It is estimated that these freelancers will make up the majority of the workforce within the next decade, thanks to technology. A 1099 employee is an independent contractor, which essentially means that you do not have to pay taxes on their income. This sounds great, […]
Do You Have A Plan For Business Travel? – Foster Financial
Plan Ahead From early on in life, most of us learn the value of planning. We’re taught you can’t succeed without a plan. We plan our days; we try to plan our lives. Of course, the unexpected does tend to happen. Even when the unexpected doesn’t happen, our plans sometimes either just don’t quite […]
Employee or Contractor? What You Need To Know – Foster Financial
Employee or Contractor? One of the most common kinds of employment fraud is a company treating somebody as an independent contractor when they are, in fact, an employee. Sometimes this is malicious, an attempt to avoid paying as much in benefits and workers’ compensation. However, some companies also do this by accident because they […]
Child Identity Theft: What You Need to Know – Foster Financial
Child Identity Theft Identity theft is on the rise and children are increasingly targeted by identity thieves. Children are desirable targets for identity theft because their credit history is often blank and the credit file tends to go unchecked until the child approaches adulthood. Identity thieves usually sell stolen identities, and children’s information tends to […]