Episode 116; HSAs, 990s & P&Ls—Oh My! Tackling the Questions Every Business is Asking

In this episode:

• Explanation of how Health Savings Accounts (HSAs) work, including tax benefits, contribution limits, and how they differ from FSAs

• Reminder for nonprofits about the May 15 Form 990 filing deadline and the risk of losing tax-exempt status if not filed properly

• Tax treatment of different types of legal settlements, including which are taxable and which are not

• Overview of when estimated tax payments are required and how to make them online for better security and tracking

• Discussion of the new W-4 form complexity and strategies for ensuring proper withholding

• Guidance on the importance of financial reports—specifically profit & loss statements, balance sheets, accounts receivable aging reports, and budgets

• Advice on monitoring budget vs. actual performance and controlling unnecessary business expenses

• Emphasis on the value of financial literacy for business owners and how to use monthly reports as management tools

• Encouragement for listeners to continue submitting questions for future episodes