2018 has been an interesting year with all the trade war talks and the tax updates that we’ve all been preparing for. The recent bills that are in consideration are going to bring more relief. Currently there are a few bills a that are being reviewed and i will bring you all the latest news. I thought it would be to share a few of the proposals.
So far I’ve heard about two new proposals that i thought could really come in handy again please remember that theses are currently rumors and based on bills that are currently being passed around with the new proposals. There is currently a bill being passed around that will give relief to individuals who need access to their retirement accounts such as 401k plans and IRA plans. The proposals that are currently being passed around have tax relief for early withdraws for use and there are even talks about increasing the accessibility for the funds to these accounts.
There is currently a problem with health insurance cost and the open enrollment periods. Now that there no more penalties for the 2019 for not having health insurance. Many economist are expecting the health care marketplaces to implode which can cause certain states to pass new laws to open up the health care market place. There is a current proposals that would make add additional qualified deductible HSA items. One of the items that i found most interesting was the addition of GYM expense to the list of qualified HSA expenses.
I am expecting that more cuts will be presented towards the end of this year and we might see a few of theses bills passed. I am not expecting health costs to be deductible, but i am expecting reductions in penalties and more exclusions for early withdrawals and posible changes that could make it easier to borrow against retirement accounts. As soon as we find out we’ll be sending that information to all of our clients who are enrolled into our Tax update newsletter.