401(k) Contribution Limits Will be Higher in 2019

Participants in 401(k) and other defined contribution retirement accounts will see their annual contribution cap raised from $18,500 to $19,000 in 2019, according to just-announced Internal Revenue Service limits.

There’s good news for anyone looking to save more for their retirement: Participants in 401(k) and other defined contribution retirement accounts will see their annual contribution cap raised from $18,500 to $19,000 in 2019, according to just-announced Internal Revenue Service limits. The new limit will also apply to 403(b), Thrift Savings and most 457 retirement… Read more »

Maximize Your 2018 Tax Breaks with an HSA

Did you know you can maximize your tax breaks with an HSA? Money deposited into an HSA isn’t just tax-deductible. It also grows tax-free and can be used without owing tax to pay for medical expenses.

Tax season just wrapped up but it’s not too early to start thinking about next year’s return, especially if you’d like to find new deductions to help lower your tax bill. Under the Tax Jobs and Cuts Act of 2017, the new standard deduction on your 2018 return will be $12,000 for single filers and… Read more »

2018 HSA Limit for Family Coverage Reduced

hsa limit

The IRS has announced changes to certain tax limits for 2018, including a reduced contribution limit for health savings accounts, or HSAs. The new tax law enacted late last year — the Tax Cuts and Jobs Act — changed the consumer price index for making annual adjustments to the HSA limits. Using the new index,… Read more »

The Pros and Cons of Health Savings Accounts

health savings accounts

A growing number of companies view health savings accounts, or HSAs, as part of their employees benefits strategy. That makes good sense at a time when millions of Americans are looking for ways to save on health insurance, control health care spending, and reduce their taxes. But what are the pros and cons? Although HSAs… Read more »