HMA

How to handle a gap in health care coverage

A gap in Health care coverage happens. Whether because of job loss or an extended sabbatical between gigs, you may find yourself with a gap in health care coverage for a period. Here are some tax consequences you should know about, as well as tips to fix a coverage gap. Coverage gap tax issues You […]

Audit rates decline for 6th year in a row

IRS audit rates declined last year for the sixth year in a row and are at their lowest level since 2002, the agency reported. That’s good news for people who don’t like a IRS audit (which is everybody)!  Low statistics for audit examinations obscure the reality that you may still have to deal with issues […]

6 Ways to Avoid a Credit Card Catastrophe

Having a credit card should be a convenient short-term way to pay, not a source of regular spending. Unfortunately, some people have a hard time staying true to this concept. Instead of paying off the entire balance due on the card each month, they let it grow and pay only the minimum amounts. If this […]

IMPORTANT Updates on the Tax Cuts and Jobs Act (TCJA)

The Tax Cuts and Jobs Act (TCJA) was passed by Congress in a hurry late last year, and the IRS and tax preparers have been working to digest some of the more thorny issues created by the tax overhaul. Here are the latest answers to some of the most common questions: 1. Is home equity […]

How to Get Your Marriage Off to a Good Financial Start

Wedding season is upon us. Did you know couples often enter into marriage without ever having had a discussion about financial issues? As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to a good financial start: […]

Want a Successful Business? Delegate

Like it or not, you must learn how to delegate work to your employees. It’s easy to get in the mindset that if you want things done the right way you have to do them yourself. But that isn’t always the best approach at work, even if you firmly believe you’re the best person for […]

Incorporate or Not: What’s Best for Your Business?

If you’re a business owner, one of the first questions to ask yourself is whether you should incorporate or not. The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets […]

Great Uses for Your Tax Refund

Most Americans get a tax refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your tax […]

Life Insurance for Children: 3 Reasons for “Yes” or “No”

When determining whether or not to carry life insurance policies on your children, you’ll find that people have a variety of opinions. Here’s a look at some of the most common considerations for and against life insurance for children: Financial security. Traditionally, you take out life insurance to provide for the financial security of dependents. […]

Tax Checklist for Business Startups

Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider. Are you a hobby or a business? […]