Health Savings Accounts (HSAs) – 2025 Limits
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals who are enrolled in high-deductible health plans. HSAs have three main tax advantages.
Author: Alyssa Dalbey
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2025 Retirement Plan Contribution Limits
Retirement plan contribution limits are reviewed each year and are occasionally adjusted by the IRS. Table 1 below summarizes retirement plan contribution limits for 2025. Table 1: Retirement Plan Contribution Limits (2025) Retirement Plan Type 2025 Contribution Limit Catch-up Contribution Limit Individual Retirement Account (IRA) $7,000 Age 50+: $1,000 Simple IRA $16,500 Ages 50-59: $3,500
Qualified Charitable Distributions
Year-End Tax Planning Strategies for 2024
The wealth management team at Schultz Financial Group (SFG) conducts annual year-end tax planning throughout the fourth quarter. This year has been a year of uncertainty in the markets, and yet we have experienced a market rally. While some uncertainty remains around what the future holds once the Tax Cuts and Jobs Act of 2017
Benefits of Employee Stock Ownership Plans (ESOP)
An Employee Stock Ownership Plan (ESOP) is a qualified retirement plan that allows employees to own shares in the company they work for. This article provides an overview of what an ESOP is, its benefits for both employers and employees, and its treatment upon an employee’s retirement. What is an ESOP? An ESOP is a
Mega Backdoor Roth Conversions
Mega backdoor Roth conversions give high-income earners an opportunity to participate in after-tax savings and tax-free investing. This strategy is available to individuals that participate in a qualified retirement plan, such as a 401(k), that allows after-tax contributions to the plan. Who Should Consider a Mega Backdoor Roth Conversion A mega backdoor Roth conversion may