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What Does My New Health Insurance Mean for My Taxes?

What Does My New Health Insurance Mean for My Taxes?

In an effort to keep health insurance premiums more affordable, switching policies has become practically an annual event. This is true with many employer-sponsored plans, but you might even make a switch to an individual plan. Chances are, you began 2024 with a new...
FSA or HSA: Which Offers the Best Tax Advantages?

FSA or HSA: Which Offers the Best Tax Advantages?

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are two types of programs designed to provide tax advantages while paying for healthcare costs. These programs allow you to pay qualifying out-of-pocket expenses for health care with tax-free dollars. ...
What Income is Taxable and Non-Taxable?

What Income is Taxable and Non-Taxable?

Although our tax system can be complex in some situations, it can also be quite straightforward. You are liable for taxes on your taxable income, and how much you owe is based on the kind of income you have. Most income is taxable income, but there is non-taxable...
What Is Form 2553? Become an S-Corp

What Is Form 2553? Become an S-Corp

As a business owner, you have many responsibilities, especially when you’re starting a new business. One of the first things you have to do is select a tax classification for your business or entity. If you want to classify your business as an S corporation (known as...
3 Ways to Look Up Your EIN Number

3 Ways to Look Up Your EIN Number

The IRS identifies taxpayers by their Social Security numbers, but what about businesses? From small businesses to corporations, every business has an Employer Identification Number — or EIN. When tax season arrives, you need your EIN number to file your business...