by KNSS | Nov 9, 2018 | 2018 Year End Newsletter, November 2018 Newsletter
To the best of my knowledge, contributing to a Health Savings Account (HSA) is the only investment opportunity that allows for tax-deductible contributions and tax-free withdrawals. Please note that only individuals with a qualifying high-deductible health insurance...
by KNSS | Nov 1, 2018 | November 2018 Newsletter
For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...
by KNSS | Nov 1, 2018 | 2018 Year End Newsletter, November 2018 Newsletter
Most years, the government bumps up the maximum Social Security taxes that you can pay. ?For 2019, the maximum wage base jumps to $132,900, an increase of $4,500, or 3.5%, over the max of $128,400 that was in place for 2017. At a rate of 6.2%, the maximum Social...
by KNSS | Nov 1, 2018 | 2018 Year End Newsletter, November 2018 Newsletter
Contributing to a retirement plan is one of the best tax shelters available to you during your working years.? Recently, the IRS announced that many of the retirement savings limits will increase for 2019. Employer Sponsored Plans Most working professionals have...
