Planned Solutions Inc. - Financial Management

The Medicare Income Related Monthly Adjustment Amount (IRMAA) is a means-testing program that applies an additional Medicare surcharge to Medicare Part B and Part D premiums for higher income individuals and couples.The surcharge is...

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The amount of money that can be allocated to a Flexible Spending Account (FSA) to pay for childcare expenses increased from $5,000 per year to $7,500 per year in 2026.

Dependent Care Flexible Spending Accounts Many large employers offer their employees Flexible Spending Accounts (FSA) as an employee benefit. The amount of money that can be allocated to a Flexible Spending Account (FSA) to pay for childcare expenses increased from \$5,000 per year to \$7,500 per year in 2026.

With the new temporary below-the-line deductions enacted by the OBBBA, taxpayers may now have more planning considerations for Roth conversions. The deduction of focus being the additional below-the-line deduction for seniors (Age 65+)...

ROTH Conversions under OBBBA The increased tax deduction for taxpayers over age 65 under the One Big Beautiful Bill Act may create a reason to rethink Roth IRA conversions. The added deduction could cause taxpayers to have more room in lower tax brackets to add income through a Roth conversion.

Gambling typically does not pay. Unlike investments such as stocks and bonds, which have a positive bias, gambling has a negative bias. This means that the longer one gambles the more likely they will lose money as the odds or...

Gambling Losses and Taxes Gambling was always unattractive from a cost/benefit and income taxation standpoint but a change in the tax law has made it even worse. Beginning in 2026, gamblers can only deduct gambling losses up to 90% of their gambling winnings.

Starting 2026, families will be able to establish and fund section 530A accounts (Trump accounts), which are a tax advantaged account designed specifically for children.Parents can open Trump Accounts for eligible children, those with...

530A Accounts Starting this year, Section 530A accounts (Trump Accounts) will be eligible for children under the age of 18. These accounts are similar to other investment accounts but with different restrictions.

The housing market became a strong seller’s-market during the COVID years. Now data suggests that the market is transitioning into a buyer’s-market with buyers able to demand price reductions and better terms from sellers.

Housing Now a Buyer’s-Market

Health Savings Accounts (HSAs) are often referred to as a “triple tax advantaged” type of account. The HSA benefits from tax-deductible contributions, tax-free growth on investments, and tax-free withdrawals for qualified medical...

Health Savings Account (HSA) Adoption Health Savings Accounts (HSAs) are often referred to as a “triple tax advantaged” type of account. They have been around for decades but in many cases these accounts have been underutilized.

Tax season is not just a time to look backward to the prior tax year, but also a good opportunity to look forward to planning for the current tax year. This may include changing tax withholdings for 2026.

Tax Season: Time to Review Tax Withholdings

Estate planning is an area where many financial plans are lacking. This is an area where failure to plan can lead to large costs in terms of both time and money as a lack of estate planning often leads to court proceedings.

Estate Planning

Artificial Intelligence (AI) is the ability for a computer system to perform tasks that are more human-like, such as reasoning, generalizing, learning, image recognition, and motion. Common AI features with these characteristics...

Conceptualizing the AI Landscape Over the last several years, there has been an increasing focus on businesses using AI to enhance their products and services. AI’s growth in every conceivable direction has motivated companies to stay ahead of their industry peers.

The IRS Standard Deduction for 2026 will increase by $700 for Married Couples to $32,200, by $350 for Single filers to $15,750, and by $525 for Head of Household filers to $24,150. The increases are based on the new OBBB values that...

2026 IRS Standard Deduction The IRS increased the standard deduction that taxpayers are allowed to use to shelter income from taxation for 2026. The limitation on the amount of State and Local Taxes (SALT) that can be claimed as an itemized deduction was also increased.