Health savings accounts as retirement savings

Three words: triple tax free. The contributions are tax deductible, the earnings are not taxed and distributions are tax free if they are used for qualified expenses. This is the main advantage and beauty of Health Savings Accounts (HSAs). While Roth and traditional retirement savings accounts will almost always result in taxable income (now, or …

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There’s A Pocket Guide for That?

While trying to research something both useful and interesting for government clients, I came across a “Pocket Guide for Government Employees” entitled:  “Protecting Federal Tax Information. While the guide was primarily addressing the need for state tax agencies which receive federal tax returns and return information, it reminded me that now many cities, towns and …

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Common 403(b) Plan Mistakes

The IRS issued the following listing of recurring mistakes noted in 403(b) plan audits: 1. Failure to be a qualified employer – Only public schools and certain tax-exempt charitable organizations qualify. 2. Failure to properly apply universal availability –This occurs when eligible employees are excluded from participation. 3. Failure to limit employee elective deferrals – The general limit …

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