The 2018 health savings account (HSA) guidelines were recently released by the Internal Revenue Service (IRS). These guidelines outline the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for Health Savings Accounts (HSAs) and high-deductible health plans (HDHPs) for calendar year 2018.
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Partner Howard J. Kass, CPA, CGMA, AEP®, was recently installed as president of the Cleveland-Akron Chapter of the Society of Finance Service Professionals.
"It is an honor and privilege to serve the Society and continue its longstanding mission of setting and promoting standards of excellence for professionals in financial services.
Topics: Howard Kass
From the Ohio Bureau of Workers' Compensation news desk
June 15, 2017
Ohio’s economy will get a big boost in July. That’s when the BWC will send $1 billion in rebates to eligible Ohio employers, the first part of The Third Billion Back plan that was announced in March.
Con artists often approach victims in their native language, threaten them with deportation, police arrest and license revocation, among other things.
“These scammers continue to adapt and evolve, and the IRS continues to receive reports of these schemes using multiple languages trying to find victims across the country,” IRS Commissioner John Koskinen said.
Q: I am fed up and frustrated trying to keep—and remember passwords that are both complex and creative. This is frustrating and I am at my wit's end. What can I do to make it easier for me to remember but more secure against attacks? -Mary Kay C, Business Executive, Brookpark, Ohio
A: Thanks for your question, Mary Kay. Yours is one that almost everyone can relate and you are not alone in your frustration. Fortunately, I may be able to provide some insight and an alternative for you.
Deductibility of local travel If you are self-employed and your residence is your principal place of business, you can deduct expenses you incur in traveling from your residence to any other work location.
Since their inception via the Revenue Act of 1978, 401(k) plans have been great tools to help workers save for retirement. While a 401(k) plan has many advantages, there are also some drawbacks to them that one should consider when creating a comprehensive retirement-strategy.
The advantages of a 401(k)
The basic concept of a 401(k) plan is to allow workers to make pre-tax contributions to the plan from their paychecks. As a result, money contributed is not included in their taxable income for that year.
While there are a myriad of ways to reduce Ohio income taxes that are well known and widely leveraged, some methods seem to go largely unnoticed. One of those lesser-known and underutilized methods that every small business owner, or those interested in owning a small business, should be aware of is the InvestOhio program.
InvestOhio, launched by the State of Ohio several years ago, was created to encourage investment in Ohio-based eligible small businesses. Qualifying applicants to this program will receive non-refundable Ohio personal income tax credits equal to 10% of their investment in an eligible small business. Any unused credits can be carried forward up to seven years.
Now that income tax filing season is behind us, it is not too early to plan and prepare for 2018. For many taxpayers, the idea of an income tax refund of any amount is welcome, anticipated, and often needed.
Few people think that they have “too much” money, and as taxpayers continue to receive their IRS income tax refund, folks begin to consider paying off credit cards or making a large purchase. Sadly, however, when Sallie Mae is on one’s personal payroll, that shopping spree or big screen TV may be just a virtual reality. Sallie Mae is the nation's saving, planning, and paying for college company. Their mission is to help American students and families make the dream of higher education a reality through borrowing.
According to a recent article in Time Magazine, about 8 million (education loan) borrowers have given up paying on more than $137 billion in education debts.
What does this mean? If a taxpayer has defaulted on their federal student loans, their refund may not be issued and instead, applied to what is called a tax refund offset.