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29 Mar 2018

Written by Ensen Mason | Posted in Health Savings Accounts

Helping Taxpayers Understand Health Savings Accounts

Ensen Mason, Tax Advisor, Tax Blog, Redlands, California, USA, TaxConnections

There has been a lot of discussion lately about how to solve the crisis of rising health insurance and the growing number of uninsured. I don’t know about you, but none of the solutions sound very good to me. At best, universal healthcare seems to be marginally effective at best where it’s been implemented. Having people without health care in a society as affluent as ours is distasteful. The taxpayers footing the bill for those who can’t or won’t have health insurance is aggravating. Are there any good solutions? I think there is – but nobody is talking about it. Read more

One comment | Tags: California, Ensen Mason, HDHP, Health Savings Account, High Deductible Health Policy, HSA, medical expenses, Redlands, Tax Advisor, Tax Blog, TaxConnections, USA

13 Mar 2018

Written by Ensen Mason | Posted in Education • Tax Credit • Tax Planning

Tax Benefits And Credits: Planning And Saving For College

As a CPA, I am asked a lot of questions regarding tax benefits and credits for children. One of the more interesting questions I have heard is “Why do they take away benefits as the kids get older? They don’t cost less, they cost more – a lot more”. While I don’t really have a good answer, one thing I do explain is that there are different benefits and credits that apply to older children as it pertains to their college education.

One of the biggest decisions in a person’s life is what college to attend – or whether to attend at all. The decision and the subsequent attendance and performance will likely have more of an impact on their overall comfort and life style than any other event or decision in their lives.

No comments | Tags: 529 plan, California, Coverdell Plan, Education Credit, Ensen Mason, Redlands, Tax Advisor, Tax Benefit, Tax Blog, tax credit, Tax Planning, TaxConnections, USA

07 Mar 2018

Written by Ensen Mason | Posted in Social Security

What Is The Best Age To Start Drawing Social Security?

Of the most common and most difficult questions clients ask me it when should they start their social security benefits. It is an important question in that social security represents a significant amount of money over the course of your retirement. The amount of money you have coming into your household each month will affect how you can spend your retirement years. It is a difficult question because one of the most important factors in the decision is unknown – how long you will be collecting it.
Read more

One comment | Tags: California, Ensen Mason, Redlands, Social Security, Social Security Benefits, Tax Advisor, Tax Blog, Tax Planning, TaxConnections, USA

Current Articles
- Congressional Record – Tax Cuts And Jobs Act (Part 15)
  By Ensen Mason
  (This is a direct response to the previous post which asked to oppose the language effectively repealing the Johnson Amendment for houses of worship) Mr. NEAL: Mr. Speaker, I yield 2 minutes to the […]
- IRC Section 965 Transition Tax: Resistance Is Futile
  By Ensen Mason
  “This legislation is being interpreted by a number of tax professionals to mean that individual U.S. citizens living outside the United States are required to simply “fork over” a percentage of the […]
- Renouncing/Relinquishing Your U.S. Citizenship And Taxes
  By Ensen Mason
  We received a question from Denise from Canada. The question is: “I’ve heard a lot of words to describe people who were no longer U.S. citizens – “surrendered”, “relinquished”, “renounced” U.S. […]
- Rethinking Entity Choice In Light of Tax Cuts And Jobs Act
  By Ensen Mason
  Until the inception of the Tax Cuts and Jobs Act, entity selection by businesses was a fairly easy decision. In most cases, businesses chose a form of pass-through entity, given the high tax rate of […]
- Congressional Record – Tax Cuts And Jobs Act (Part 14)
  By Ensen Mason
  SECTION 5201 EXEMPTS HOUSES OF WORSHIP FROM THE JOHNSON AMENDMENT Section 5201 allows houses of worship to endorse candidates so long the endorsement is made during a religious service or gathering, […]
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