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A Hard Conversation Made Easy Throughout previous stages of life, you might have become accustomed to keeping your financial matters fairly close to the chest. Now, however, would be a good time to start involving your family as you develop and effectuate your estate...
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Requirements for 1099 Form-2025
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2025 Year-End Planning Guide
Does your Child Need to File an Income Tax Return?
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Do you have a lost 401(k)?
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Medicare Quick Facts WHAT IS IT? Medicare is a federal health insurance program for people 65 and older, as well as certain disabled individuals. DO I HAVE TO ENROLL? Yes. If you have not been receiving Social Security benefits for at least four months prior to...
HELP! MY SPOUSE WANTS NOTHING TO DO WITH OUR FINANCES.
HELP! MY SPOUSE WANTS NOTHING TO DO WITH OUR FINANCES. What do I do? By: Kathryn Barnett, Financial Advisor Below is a scenario that I have encountered that I think is familiar to all of us. I don’t know what to do. I recently received a grim prognosis, and I am...
Final Reminder: Download your files before NetClient CS Portal Closes
This is a final reminder that our NetClient CS (NetClient Access) portal will be permanently closed on December 31, 2025. After this date, all documents in the portal will be permanently deleted and cannot be recovered. To keep any files you need, please follow...
Retirement Tools: HSA Accounts
Retirement Tools: HSA Accounts
By Kathryn Barnett
When planning for retirement, most people do not realize their HSA account is more than a savings account for medical expenses. An HSA account is a triple-tax advantaged health savings account that an individual can use to pay for current or future medical expenses or upon turning 65, an individual may take withdrawals taxed as ordinary income. In other words, this account is versatile.
AN HSA ACCOUNT…
- Is a health savings account
- Is Triple-Tax Advantaged
- Pairs with a high deductible healthcare plan
- Is investable
- Can used for non-medical expenses once owner is over the age of 65
WHAT DOES IT MEAN TO BE TRIPLE-TAX ADVANTAGED?
- Tax-deductible contributions
- Tax-deferred growth
- Tax-free withdrawals (for qualified medical expenses)
HOW DO I CONTRIBUTE?
There are two ways to contribute –
- Make pre-tax contributions – Your contribution is automatically deducted from your paycheck.
- Self-funded contributions – You contribute post-tax dollars. (You can report this contribution on your tax return.)
WHY IS THIS A RETIREMENT TOOL?
HSA accounts give you the opportunity to save for medical costs down the road, which means the savings you are accruing now could fund some or all of your long-term care expenses in retirement.
Additionally, if you are fortunate enough to remain in good health or switch to an insurance plan that covers more, you can access the funds in your HSA after the age of 65 for non-medical expenses. When taking a withdrawal for non-medical expenses after 65, you will owe ordinary income tax.
HSA accounts are investable. Make the contributions and let your account grow tax-deferred.
WHAT ARE THE ANNUAL CONTRIBUTIONS LIMITS?
2025 Limits
- Individual – $4,300.00
- Family – $8,550.00
- Catch-Up (55+) – $9,550.00
HOW SHOULD I START UTILIZING MY HSA ACCOUNT?
To figure out the best way to utilize your HSA account, reach out to your CPA and financial advisor. HSA contributions are a way to maximize your after-tax wealth, which is where working with a CPA and financial advisor ensures you are making the most of this tool.
A quick guide on how to scan documents with your phone
A Hard Conversation Made Easy
A Hard Conversation Made Easy Throughout previous stages of life, you might have become accustomed to keeping your financial matters fairly close to the chest. Now, however, would be a good time to start involving your family as you develop and effectuate your estate...
Planning Your Legacy & Your Family’s Financial Future
Planning Your Legacy & Your Family's Financial Future Estate planning, or legacy planning, can play a critical role in your ability to save for and shape your family’s financial future. While most people think of estate planning as something to be addressed later...
Requirements for 1099 Form-2025
Requirements for 1099 Form-2025 By Erin Pitts, CPA Form 1099 for certain payments made during the tax year. You are required to file a Form 1099 if you paid $600 or more to a non-employee, such as independent contractors, freelancers, or other service providers....
2025 Year-End Planning Guide
Does your Child Need to File an Income Tax Return?
Does your Child Need to File an Income Tax Return? As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS...
Do you have a lost 401(k)?
Do you have a lost 401(k)? By: Kathryn Barnett Take minute and think about how many places you have worked. Now, think about whether you contributed to a 401(k) at each of those places. Did you roll the contents of a previous 401(k) into your existing 401(k) or a...
Medicare Quick Facts
Medicare Quick Facts WHAT IS IT? Medicare is a federal health insurance program for people 65 and older, as well as certain disabled individuals. DO I HAVE TO ENROLL? Yes. If you have not been receiving Social Security benefits for at least four months prior to...
HELP! MY SPOUSE WANTS NOTHING TO DO WITH OUR FINANCES.
HELP! MY SPOUSE WANTS NOTHING TO DO WITH OUR FINANCES. What do I do? By: Kathryn Barnett, Financial Advisor Below is a scenario that I have encountered that I think is familiar to all of us. I don’t know what to do. I recently received a grim prognosis, and I am...
Final Reminder: Download your files before NetClient CS Portal Closes
This is a final reminder that our NetClient CS (NetClient Access) portal will be permanently closed on December 31, 2025. After this date, all documents in the portal will be permanently deleted and cannot be recovered. To keep any files you need, please follow...