News

The Hopkins Group stays current on all tax and accounting laws and keeps you informed and educated through quarterly newsletters and one-on-one communication.  

HSA with Medicare

HSA with Medicare

HSAs (Health Savings Accounts) are accounts for individuals with high-deductible health plans (HDHPs).  Contributions to HSAs are tax deductible up to an annual limit, and distributions made to...

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401(k) Advantage for Ages 50+

401(k) Advantage for Ages 50+

Once you turn 50 years old you are entitled to a 401(k) Catch-Up Contribution and can contribute a total of $26,000 now! The 2021 contribution limit for employees is $19,500 and the Catch-up...

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How to Avoid Withholding Penalties

How to Avoid Withholding Penalties

Underpaying your tax liability can result in unnecessary penalties. Two simple ways to avoid the penalty are: Pay 100-110% of the tax liability shown on the return for the prior year, depending on...

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2021 Tax Changes (RMDs, 1099NEC)

2021 Tax Changes (RMDs, 1099NEC)

RMDs new required age is 72 The Secure Act made changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies. If you reach age 70 ½ in 2020 or later you must take your...

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Virtual Currency

Virtual Currency

Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. Sometimes it operates like real currency but it does not...

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FSA Elections for 2021

FSA Elections for 2021

A Health Care Flexible Spending Account (FSA) allows you to set aside tax-free dollars each year for health care expenses not covered by insurance. You may use these funds to pay for eligible health...

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