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The Tax Professionals Blog

Health Savings Account (HSA) as a Retirement Plan

Health Savings Accounts (HSAs) are an oft-overlooked stratagem in retirement planning.  Individuals with high-deductible health insurance plans can establish an HAS and make tax-deductible contributions to it. Congress created these plans to help individuals pay for medical expenses not covered by insurance.  HSAs allow tax-free distributions to pay for unreimbursed medical expenses.  Distributions taken that are not used to pay for unreimbursed medical expenses are taxable and subject to a 20% non-qualified distribution penalty.  However, the 20% penalty no longer applies after reaching age 65. 

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Business Use Of Car - Standard Mileage Rate Add-Ons

Business owners quite often use the standard mileage rate instead of actual expenses when taking a deduction for the business use of their vehicle.  The standard mileage rate is determined annually by the IRS using data from a study conducted by an independent contractor of vehicle-operating expenses based on the prior year’s costs.

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Home Office, Bonus Depreciation & Sec 179 Considerations

Where a taxpayer’s Schedule C is negative or close to negative, there are issues that should be considered when claiming the home office, the Sec 179 expense, and the 50% bonus depreciation. Determining which combination produces the best current result while preserving future deductions may require trial and error with combinations in your tax software.

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