Category Archives: Taxes

How to Use Your HSA as a Retirement Account

You are probably familiar with health savings accounts (HSAs), which can be used to cover certain healthcare costs with pre-tax dollars. To contribute to an HSA, you must be enrolled in an HSA-eligible plan, also known as a High Deductible Health Plan (HDHP). These plans typically have lower monthly premiums but require you to cover […]

Money Marathon Risk #3: You Could Go Off Course With Your Tax Minimization Strategy

We’re in a fun money marathon series using some running stories and analogies to teach and explore how investors could get more potential mileage from their hard-earned money. We’re walking through seven risks of running your wealth marathon without any support. If you would like to watch the video version of this post, please click […]

The Child Tax Credit: What It Is and How Married or Divorced Couples Can Maximize It

At One Life Financial Group, we are in a heavy tax season, having many conversations with clients and their accountants about strategies to minimize their tax bills for 2023 and 2024. We’re encouraging clients to talk to their accountants about maximizing potential tax credits. So, in today’s post, we are exploring three things. First, what […]

5 Tax Changes Could Help Boost Your Wealth In 2023

2022 was a year of inflation, stock market volatility, and rising interest rates. Rising costs have prompted IRS updates, which could affect investors’ retirement savings and taxes. Recent legislation may present further options for you in the new year. Here are five key tax changes you should know about for 2023. #1: Higher contribution limits […]

Does a Roth IRA Conversion Make Sense for You? Six Questions to Ask that Will Help You Make that Decision.

Roth conversions are strategies investors can use to help minimize their future tax bill and give them more potential control over their tax bracket. Click here to learn more about Roth conversions. Lower-income years tied to a job loss, income reduction, significant income tax deductions, high levels of depreciation, business losses, or charitable giving could […]

5 Last-Minute Strategies You Need to Know That Could Reduce Your 2022 Tax Bill

Will you need to do any last-minute shopping this holiday season? I do! If you need last-minute tax strategies, we have those for you. Below are five last-minute strategies that could reduce your 2022 tax bill; these are ideas that could reduce your tax bill or increase your tax return. DISCLAIMER – Before you read […]