By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com Tax planning often focuses on reducing current-year tax. In many situations, that is reasonable. Problems arise when tax savings are achieved without considering future income levels, tax brackets, or loss of flexibility. Tax savings are not absolute. They depend on timing and future rate. Using […]
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By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com A Health Savings Account (HSA) is a personal account, not an employer plan. In my view, when used correctly, it is one of the most versatile tax-advantaged accounts available. Key Features: Contributions are tax deductible when made. The account belongs to the individual, not the
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By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com Although the term financial statements is often times associated with large corporations and Wall Street, small businesses will also run into situations where a formal financial statement is needed. The most common users of small businesses financial statements are 1) banks and other creditors; 2) licensing and regulatory
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