Check your mirrors for financial blind spots
Dear Reader,
I founded PracticeCFO a little over two years ago with the mission of helping private practice owners fight the uphill battle of achieving financial independence. By providing our clients a full 360-degree panoramic x-ray of their practice and personal financial health, we empower them to navigate the complex road towards financial freedom. Every now and again, I’m reminded of the importance of our mission and want to share with you a story which epitomizes our firm’s...Read More
Reducing healthcare costs with an HSA
The basics
A Health Savings Account (“HSA”) is a tax-advantaged account for individuals enrolled in a high-deductible health plan (“HDHP”) allowing them to contribute tax free money to be used for medical expenses. As with any tax-advantaged account, the IRS does impose some limitations. We’ve included the 2016 limits below but encourage savers to stay on top of these as they are updated annually. There are also $1,000 additional catch-up contributions for...Read More
President-elect Donald Trump calls for major tax reform
What will our tax system look like under a Donald Trump presidency? Both the House Republicans and Trump Administration have outlined their proposed tax plans. Although there are slight differences between the two plans, they both aim to simplify the tax code and reduce taxes for all. Here are some of the major takeaways from the proposed reform.
Photo by: Michael Vadon
For individuals, the Trump tax plan includes:
The number of individual tax brackets would be cut from the current amount...Read More