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Author Archives for Service2Client

  • New Rules and Ways to Use HSAs/FSAs

    Posted Date May 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readPeople who own a high-deductible health insurance plan may have the ability to open a health savings account (HSA). They can contribute pre-tax income to an HSA and invest the money for tax-free growth in a variety of mutual funds, stocks and exchange-traded funds (ETFs). The funds may be withdrawn tax-free when used to pay for qualified expenses, such as the plan’s high deductible, copayments and coinsurance. The funds also can be used to purchase a wide range of health-related products. However, a recent poll found that 40 percent of respondents who have access to a... View Article

  • Advancing Healthcare Initiatives, Small Business Funding and Protecting the Elderly from Scams

    Posted Date May 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readFASTER Act of 2021 (HR 578) – This bill expands the definition of major food allergens for food-labeling purposes to include sesame. It is designed to protect Americans with food allergies and related disorders that could be affected by anaphylaxis, food protein-induced enterocolitis syndrome, and eosinophilic gastrointestinal diseases. It also authorizes the Department of Health and Human Services to report on food allergy research and data collection activities. The bill was introduced by Rep. Tim Scott (R-SC) on March 3. It was passed by Congress on April 14 and is currently awaiting enactment by the president.... View Article

  • How Businesses Can Hedge Against Increasing Inflation

    Posted Date May 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readInflation is on the rise. According to a recent Economic News Release from the U.S. Bureau of Labor Statistics (BLS), the Producer Price Index for final demand grew by 1 percent in March. February saw “final demand prices” grow by 0.5 percent; and January’s final demand prices increased by 1.3. According to BLS, the Producer Price Index (PPI) consists of many indicators and evaluates the mean difference over a period of time for the “selling prices received by domestic producers of goods and services.” In other words, PPI is a way to gauge how much manufacturers... View Article

  • 7 Ways to Save 10K a Year

    Posted Date May 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIf you’re scratching your head and wondering if we’ve lost our minds, please keep reading. You can do this. All you need to do is plan your steps – and stick to it. After all, Confucius says, “A journey of a thousand miles begins with a single step.” So let’s get moving. Save Before You Spend This might well be the opposite of what you do: you get your weekly or monthly paycheck, determine what expenses are ahead, then dedicate what’s left to savings. To save $10,000, the first thing to do is put away the... View Article

  • How Cloud Accounting Helps Small Businesses Gain Competitive Edge

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIn a continuously changing business environment, small businesses have a challenge to keep up. It’s especially expensive to keep pace with ever changing technology. Luckily, with affordable cloud accounting solutions, small businesses can maintain a competitive edge. What is Cloud Accounting Cloud accounting involves moving your business books online. Unlike desktop accounting systems, cloud accounting permits you to access accounting software from a web browser without the need to install it on your personal computer. Companies that offer cloud computing provide their services on remote servers and applications. For a fee, you gain remote access to... View Article

  • Roth Conversion in 2021?

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIn 2020, a year when all income brackets benefited from lower tax rates, the stock market took a nosedive at the beginning of the pandemic. For investors sharp enough to see the opportunity, this was an ideal time to convert a traditional IRA into a Roth IRA. When you conduct a Roth conversion, the assets are taxed at ordinary income tax rates in the year of the conversion. So, the best time to do this is when your current income tax rate is low and when your IRA account balance loses money due to declining market... View Article

  • Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readThe recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous law provided. The Old Rules Under the earlier measure, student loan forgiveness was tax-free under certain circumstances. These special programs included working in certain public sectors, some types of teachers as well as some programs for nurses, doctors, veterinarians, etc. Essentially, you had... View Article

  • 3 Best Ways to Save for College

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readWhat if you could save enough for your child to go to college debt-free? It might sound impossible, but with dedication, hard work, and careful planning, you can do just that. According to Dave Ramsey, American personal finance advisor, here are the top three tax-favored plans to get started. The Education Savings Account (ESA) Otherwise known as the Education IRA, this plan allows you to save $2,000 (after tax) per year, per child. Let’s do that math. If you begin saving when your child is born and put away $2,000 a year until they’re 18, you’ll... View Article

  • How Companies Can Become More Nimble During the Product Lifecycle

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readThe majority of U.S. industrial product company CFOs have shared concerns that COVID-19 would impact their businesses negatively. For companies that develop and manufacture products, understanding the product lifecycle and how to work around crises like the COVID-19 pandemic can be effective to help improve the longevity and success of companies. Market Development Stage According to the Harvard Business Review (HBR), the first stage of the product lifecycle is market development. This normally happens when a company introduces a new product for sale. There is usually little demand at this point; instead, demand has to be... View Article

  • Non-Fungible Tokens and Their Special Taxation

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readNon-fungible tokens (NFTs) have exploded in use and popularity in recent months. NFTs have some special tax considerations to be aware of that can be different than fungible tokens, but before we get into that, let’s look at exactly what NFTs are. What are NFTs  Economically speaking, fungible assets are those that can be broken down into units and readily interchanged, like cash. For example, you can take a $100 bill and exchange it for five $20 bills nearly anywhere without an issue. Non-fungible assets cannot be exchanged in such as way because they have unique... View Article

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