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Holding Down Premiums for Medicare Part B

Medicare, the federal government’s health insurance program for people 65 and older, has four parts (see Trusted Advice, “ABCDs of Medicare”). Although Medicare offers good value to many seniors, high-income Medicare enrollees can pay over $5,000 a year for Part B, whereas high-income couples on Medicare can pay over $10,000 in annual premiums. For that money, high-income enrollees get the same... Read More

Alert About Form W-2 Scam Targeting HR Departments

The Internal Revenue Service, state tax agencies, and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments. This week, the IRS already has received new notifications that the email scam is making its way across the nation for a second time. The IRS urges company payroll... Read More

Defined Benefit Plans for Small Companies

Traditional defined benefit plans, structured to provide a lifelong pension, have become rare in the private sector. They’re still the norm for public sector employers; some large companies continue to offer plans. Ironically, these plans might be a good fit for extremely small companies. A possible prospect could be a business or professional practice with one or two principals who are perhaps... Read More

After Tax Dollars in Traditional IRAs

Workers under age 70½ can deduct contributions to a traditional IRA, as long as they are not covered by an employer’s retirement plan. The same is true for those workers’ spouses. If these taxpayers are covered by an employer plan, they may or may not be able to deduct IRA contributions, depending on the taxpayer’s income. However, all eligible workers and spouses can make nondeductible... Read More

Long-term Care Coverage Combo Plans

If you or a loved one ever need help with daily living activities, you will discover that custodial care can be expensive. That’s true whether the care is provided at home, in an assisted living facility, or in a nursing home, and it’s especially true if care is needed for many years. Long-term care (LTC) insurance is available, but insurance companies have learned that these costs can be steep.... Read More

Be Cautious with Hard-to-Value IRAs

A new year begins with celebrations, resolutions, and dual IRA opportunities. Most workers and their spouses have until April 18, 2017 (April 19 in some states), to contribute to an IRA for 2016. At the same time, contributions to 2017 IRAs are now permitted; the earlier money goes into the account, the more time for tax-deferred investment buildup. While you consider IRA contributions, you should also take... Read More

The “Other” Exchange Traded Funds

Exchange-traded funds (ETFs) have become popular in this century, due largely to relatively low expenses and tax efficiency. (See the July 2016 CPA Client Bulletin for more on ETFs.) As the name indicates, ETFs trade like stocks, on an exchange, as opposed to mutual funds, which typically are bought from and sold to the sponsoring company. Often, ETFs track a particular market index. Less publicized these... Read More

Profit-Sharing Plans for Your Small Business

Business owners who want to sponsor a retirement plan for employees (including owner-employees) have many options from which to choose. Knowing the basics can help entrepreneurs make an astute decision. One choice is a “profit-sharing” plan. Despite its name, your company needn’t tabulate its earnings every year and divide that amount among its workers. Instead, the term indicates a plan in which... Read More

Richard Taylor’s Christmas Lights Featured in AJC

HLB Gross Collins, P.C. Shareholder Richard Taylor was recognized in the Atlanta Journal-Constitution for his festive Christmas Light Display. It has been his mission for years to spread some Christmas cheer by doing this. The display features 275,000 lights and is synchronized to music. To read the article in the AJC, click here. Happy holidays to all! Read More