Out-Of-Pocket Expense

The IRS has announced 2022 amounts for Health Savings Accounts

Health Care, HSA, Tax, Tax Deduction, Tax Savings / Douglas Freeman

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]

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The tax implications of a company car

Employee Benefits, Income Tax, Repairs and Maintenance, Small Business, Tax, Tax Deduction, Tax Planning, Vehicle Expenses / Douglas Freeman

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent

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