Health Savings Accounts (HSAs)

Health Savings Accounts (HSAs)

A health savings account (HSA) is a tax-exempt or custodial account set up with a qualified HSA trustee to pay or reimburse certain medical expenses incurred by an individual, his or her spouse, and qualified dependents.The medical expenses must not be reimbursable by...
Real Estate Professionals

Real Estate Professionals

Tax Benefits A taxpayer who spends significant time in activities related to real estate may qualify as a “real estate professional,” which can provide tax benefits. Passive Loss Limits A passive activity is generally defined as a business activity without a minimum...
Financial Planning Guide

Financial Planning Guide

Personal Financial Planning Budgeting Steps to managing income and expenses include: • Be realistic when making a budget. • Identify monthly outflows as living expenses, savings, and discretionary. • Estimate low for income. • Estimate high for expenses. • Track every...
Reverse Mortgages

Reverse Mortgages

Individuals who are unwilling or unable to sell their home, and need additional income during retirement,may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free Income. A reverse mortgage can be used to...