by ABIP | Nov 7, 2023 | Individuals, News, Newsletter, Taxes
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have...
by ABIP | Nov 6, 2023 | Individuals, News, Newsletter, Taxes
If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” Key Factor The key factor is who paid it. If your employer...
by ABIP | Oct 5, 2023 | Individuals, News, Newsletter, Taxes
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. Risky Conditions You...
by ABIP | Oct 4, 2023 | Individuals, News, Newsletter, Taxes
The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re self-employed...
by ABIP | Oct 3, 2023 | Individuals, News, Newsletter, Taxes
With so many people working remotely these days, thinking about moving to another state has become common — perhaps for better weather or to be closer to family. Business owners might contemplate selling their business as part of an out-of-state move. Many retirees...
by ABIP | Sep 6, 2023 | Individuals, Newsletter, Taxes
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one...
