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FAQ's
Is
a health savings account (HSA) right for me?
What can I contribute to retirement accounts?
Can I deduct my home office?
Have More
Questions?
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(804) 272-5228
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You
can make tax-advantaged contributions to an HSA which can pay
for medical expenses not covered by your insurance. Funds can
accumulate year-to-year. Any funds in the account after you
turn 65 can be withdrawn for non-medical personal use without
penalty. They are taxed the same as a regular IRA account
distribution. Talk to us about requirements and contribution
limits and see if it is right for you.
The Individual Retirement Account
(IRA) limit for 2006 and 2007 is $4,000 for people under 50.
Based on your income and other factors, you can contribute that
to a regular IRA or a ROTH IRA.
If you
have an area that is ‘exclusively used for business’ and it
is necessary for your business, you might be able to deduct
certain costs pertaining to a home office if it meets the
requirements.
If your employer has a 401-K or 403-B plan, individuals under
age 50 can contribute $15,500 for 2007. Talk to us about these
and other retirement planning options. |
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