silverLining

Work from home – The silver lining

How working from home can pay off Working from home can potentially deliver some attractive tax advantages. If you qualify for the home office deduction, you can deduct all direct expenses and part of your indirect expenses involved in working from home. Note, however, that qualifying for such deductions became harder under the Tax Cuts […]

Traditional IRA

IRA Contribution Limits for 2019 and 2020

  IRA Contribution and Deduction Limits for 2019 and 2020 An individual retirement account (IRA) “individual retirement plan”, provided by many financial institutions, that provides tax advantages for retirement savings. However, the IRA contribution limits and income limits can change over time. It helps to double-check the IRA limits for 2019 and 2020. Traditional and […]

Ways to maximize your 401k

Ways to maximize your 401k

401k The responsibility for maximizing the value of your 401k falls largely on your shoulders. Here are ways that may help : Participate in the program – If your employer offers a 401k plan, definitely participate! The sooner you start contributing to the plan, the longer the span of time your money has to grow. […]

Increase in Standard Mileage Rate for 2008

IRS Increase in Standard Mileage Rate for 2008

IRS Standard Mileage Rate for 2008 The IRS recently announced the increase in the Standard Mileage Rate for the last half of 2008. The rate increased from 50.5 cents per mile to 58.5 cents per mile, and will be in effect from July 1, 2008 through December 31, 2008. Taxpayers have the option of using […]

Benefits of an HSA!

Benefits of an HSA!

Below are some of the benefits you may enjoy from having an HSA: You can claim a deduction for contributing to an HSA plan even if you do not itemize on Sch 1040. You can exclude from your gross income, contributions made to the HSA plan by your employer. The contributions add up in your […]