Tax

Avoid Gift Tax Liability with Tuition and Medical Gifts

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gift tax

By default, high-priced gifts are taxable under the IRS rules. However, there are exemptions to this rule. Now, you can spoil your loved ones and even people you don’t know with lavish gifts without tipping the gift tax radar. How? Pay tuition or medical expenses. The recipient can be your grandchildren, the children of your […]

Tax

Different Ways to Unlock Tax Deductions

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tax IRS preparation

8 Legal Ways to Unlock Tax Deductions and Tax Credits Every taxpayer wants to pay taxes as little as possible. You can do it in numerous legal ways without raising red flags to the government, whether it’s the IRS or the state. You can decrease your tax in these simple ways. One, lessen your adjusted […]

Health Coverage

The New Individual Coverage HRA (ICHRA)

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individual coverage HRA

Starting from January 1, 2020, businesses can already offer their employees the newest type of health reimbursement arrangement (HRA), called the individual coverage HRA (ICHRA). It is an alternative option for companies to cover their workers’ medical fees, such as out-of-pocket expenses and monthly premiums. To help you understand what ICHRA is, here is a […]

Tax

Tax Deadlines 2020 and Tax Strategies

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2020 Tax Filing DeadlineCountdown It is quite challenging for all taxpayers to keep track of all the critical dates that taxes are due. However, it is essential since being late with your payments will force the Internal Revenue Service (IRS) to hit you with moderate to high financial penalties. To help you remember, here is […]