2019 Last Minute Year End Medical and Retirement Deduction

11/4/2019

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans.

But year-end is approaching, and now’s the time to take action.

Here are the six strategies that you can implement before the end of the year. Five of the strategies increase your tax deductions, and one (the Roth) strategy increases your retirement benefits.

Put your retirement plan in place.
Decide if you want huge long -term savings when it come to IRA and IRA Roths. C
Put yourself on a monthly reimbursement schedule.
Consider HRA (QSEHRA), make sure to get that done properly now.
Evaluate all the possible above the line tax deduction available to your business.
See whether your pay structure and number of employees put you in a position to claim tax credit for monies you paid for health insurance in 2019

If you need more insights into these strategies, please call me on my direct line at 262-358-8297.

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Important Disclosures

Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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Author

Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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