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


This category contains 12 posts

Health Savings Account Contribution Limits – 2012 and 2013

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 […]

401(k) Contribution Limit for 2013

The 401(k) contribution limit will increase to $17,500 for 2013. No change has been made to the “catch-up provision” for plan participants age 50 and older.  They will still be able to contribute an additional $5,500 for a total of $23,000. As with the IRA contribution limit, this is an aggregate participant contribution limit meaning […]

2013 IRA Contribution Limits

The maximum allowable contribution to Traditional and Roth IRAs will increase to $5,500 in 2013. $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 for an […]

IRS raises standard mileage rate in 2013

The IRS has issued the 2013 standard mileage rates for 2013.  Effective January 1, 2013, business miles driven are eligible for a deduction at a rate of 56.5 center per mile.  This is an increase of a penny per mile from the 2012 rate. Note that mileage rates for medical and moving are lower than […]