Brendan Willmann, CPA, EA, CFP®
Asheville: 828-348-8698
Cincinnati: 513-549-2736


This category contains 12 posts

Tax Advantages of a Donor-Advised Fund

The 2017 tax reform has significantly enhanced the popularity of donor-advised funds for those who are charitably inclined.

How much can I contribute to my IRA?

The contribution limits for Traditional and Roth IRAs is $6,000 for 2019. The contribution limit will be the same for 2020.

What happens to your health savings account (HSA) at death?

The ownership of a health savings account passes according to the beneficiary designation on file. If the beneficiary is the deceased account owner’s spouse, the funds are moved to a health savings account owned by the surviving spouse. Subsequent account distributions to pay for qualified medical expenses are not subject to tax. Alternatively, if the […]

2014 IRA Contribution Limits

The maximum allowable contribution to Traditional and Roth IRAs will remain the same in 2014 at $5,500. $5,500 is the aggregate contribution limit meaning that an individual can contribute to both a Traditional and Roth IRA but the total contribution cannot exceed $5,500. A “catch-up provision” is available to those age 50 or older allowing […]

How to Deduct HSA Contributions

There are two ways to make tax-deductible contributions to a health savings account: 1. Payroll Deduction Employees who contribute to their health savings account via payroll deduction are not subject to tax on the amount deferred.  As a result, no additional deduction is taken on the tax return.  The amount of the contribution (along with […]

Health Savings Account Contribution Limits – 2013 and 2014

With the popularity of high deductible medical insurance plans on the rise, an increasing number of people are eligible to contribute to a Health Savings Account (HSA). Employee or individual contributions to a Health Savings Account are either tax-deductible when made from payroll or deductible on the first page of the 1040 tax return.  As […]

Simplified Home Office Deduction Considerations

For 2013 the IRS has introduced a far simpler, alternative calculation method for taxpayers claiming the home office deduction.  The new method simply multiplies the eligible square footage (up to a maximum of 300 square feet) by $5 to determine the allowable deduction. While simplification of the tax code is usually welcome news, there are […]

Roth IRA Income Phase-Out

The Roth IRA can be a very attractive savings option for a number of reasons.  The primary benefit of the Roth IRA is the potential to avoid taxation on future qualified withdrawals, most notably in retirement.  This is particularly advantageous for taxpayers who are otherwise ineligible to make tax-deductible contributions to a Traditional IRA.  Unfortunately […]

2013 Tax Increases: Widespread and Still Unsettled

From the morning after the election until after midnight on New Years the “fiscal cliff,” a supposedly monstrous combination of burdensome tax increases and draconian spending cuts provided cable television with more than enough material for ‘round-the-clock sensationalism not seen since well, 2011, when Congress was first unable to reach an agreement on the issue. […]

Retirement Saver’s Credit for Retirees

The retirement saver’s credit may be a well-intentioned incentive to encourage millions to to put money aside for retirement.  In practice however, I’ve only seen the credit claimed by semi-retired individuals who supplement their retirement income with part-time employment.  (The credit would be popular with students but unfortunately full-time students are specifically excluded.) The credit is […]