Climbing Mt. Everest: Many people have never created a budget because it seems like an insurmountable task. In reality, creating a budget is simple and the feeling of power it gives you over your money is a great way to start each month. The first step to creating a budget is keeping a detailed record of what you spend. With so many ways to spend money these days – cash, credit, automatic withdrawal – it is important to have a system that captures all aspects of your spending
Seven tips for a sound strategy Health Savings Accounts (HSAs) have quickly risen in popularity over the past few years. In a nutshell, an HSA is a tax-advantaged savings account that is owned by an employee or self-employed person. According to the America’s Health Insurance Plans (AHIP), enrollment in health savings account/high-deductible health plans (HSA/HDHPs) totaled 19.7 million in January 2015, up from 17.4 million in 2014. Market forces are pushing employers and
There are several expenses you are allowed to itemize on your tax return that will reduce the amount of income on which you are taxed. These include: medical expenses, non business taxes, charitable contributions, and miscellaneous expenses. The following paragraphs provide a brief overview of each category.
Medical expenses: You can deduct expenses you paid for medical care during the year for yourself, your spouse, and your dependents. Medical expenses include payment