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Blog2022-08-11T12:55:57-05:00

Health Savings Accounts Fill Multiple Tax Needs

The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA can act as more than just a vehicle to pay medical expenses; it can also serve as a retirement account. [Read More]

September 30th, 2022|

Pivot CPAs Named Among Accounting Today’s “Best Accounting Firms to Work for”

Pivot CPAs, the area’s largest locally-owned independent CPA firm, is pleased to announce that the firm was recently named as one of the 2022 “Best Accounting Firms to Work for” by Accounting Today. “Being recognized by Accounting Today on multiple occasions is truly a testament to the fantastic work environment that Pivot offers its team members,” said Peter Reynolds, CPA, managing partner of Pivot CPAs. “These lists are highly competitive, and I cannot emphasize enough [Read More]

September 29th, 2022|

If You Want to Maximize Your Social Security Income, You Need to Start Planning Now

According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it be that one. Similarly, you need to understand that planning isn’t about simply making sure that you CAN retire. It’s also about doing what you can [Read More]

September 22nd, 2022|

October Extended Due Date Just Around the Corner

If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. There are no additional extensions (except in designated disaster areas), so if you still do not or will not have all the information needed to complete your return by the extended due date, please call [Read More]

September 16th, 2022|

How to Protect Yourself When Selecting Investors For Your Startup

Any seasoned entrepreneur will tell you that coming up with an idea for a startup is ultimately the easy part of this process. Figuring out how you’re going to get the funds necessary to make that vision a reality? That part is a bit trickier. Selecting investors for your startup can be the hardest part of the process – not only because you want to make sure you’re making the right choices for your new [Read More]

September 9th, 2022|

Life Changing Events Can Impact Your Taxes

Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file returns using the single status and generally will file a combined return with your new spouse using the married filing [Read More]

September 2nd, 2022|

Inflation and an Economic Slowdown: A Double Whammy for your Finances

Newspapers and media reports have been filled with talk of inflation and recession. Experts are arguing about the definition of the latter. Pundits are pondering whether the slowdown reflected in the latest consumer price index report means that inflation has peaked. You, in the meantime, are still staring in disbelief at the numbers that are rolling by as you fill your tank with gas or the total tally when you buy a few bags of groceries. Are [Read More]

August 26th, 2022|

Not All Interest Is Deductible For Taxes

A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the following categories: Personal interest – is not deductible. Typically this includes interest from personal [Read More]

August 19th, 2022|

President Biden Signs Inflation Reduction Act into Law

On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The enormous bill—clocking in at 725 pages—contains a wide range of provisions and comes with a nearly $750 billion price tag. “The bill is fighting inflation and has a whole lot of collateral benefits as well,” said former Treasury Secretary Larry Summers, who reportedly helped craft the legislation. Read on for an overview of the key items contained in the new act. [Read More]

August 18th, 2022|

Don’t Overlook Your Charitable Contributions

Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of, and some that are frequently overlooked. And there are some contributions that you may believe are deductible that really are not. Being knowledgeable of what is and is not a qualified charity, a qualified charitable contribution, and charitable giving strategies can go a long way toward maximizing your charitable tax deduction. To be deductible the contributions must be [Read More]

August 12th, 2022|
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