Health Savings Accounts, which were put in place in 2003, were designed to help American workers cover the costs of various eligible medical expenses. In order to qualify for an HSA, you must be enrolled in a high-deductible health plan. Additionally, you can’t currently be enrolled in Medicare, and you can’t be claimed as a […]
Month: August 2018
Understanding and Calculating the New 199A Deduction
The 2017 Tax Cuts and Jobs Act created a new deduction for pass-through business owners. Called the 199A deduction, or the Qualified Business Income Deduction, it allows taxpayers other than corporations – specifically S corporations, partnerships, and limited liability companies (LLCs) – a deduction of 20 percent of qualified business income earned (also referred to […]