Hopp Accounting & Tax Service

09/03/2026

09/01/2026

A Health Savings Account (HSA) can be a valuable asset in your estate. Contributions are pretax or tax-deductible, the funds grow on a tax-deferred basis, and withdrawals for qualified medical expenses are tax-free. HSA balances may be carried over from year to year, continuing to grow on a tax-deferred basis indefinitely. Over time, this can allow HSAs to accumulate substantial value (if significant withdrawals aren’t taken to pay medical expenses). The tax consequences of inheriting an HSA differ substantially depending on who receives it. So it’s important to carefully consider your beneficiary designation.

08/15/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many owners are eligible without realizing it because of various deductions for the self-employed.

A Roth IRA offers potential advantages over tax-deferred accounts. Although Roth contributions aren’t deductible, qualified withdrawals won’t be taxed. And you aren’t required to take withdrawals from your Roth IRA, meaning the account can continue to grow tax-free. Your heirs can also take tax-free withdrawals.

For help evaluating your Roth IRA eligibility and developing a long-term retirement strategy that aligns with your personal and financial goals, contact us.

07/31/2026

Two trust types can be used together to meet your philanthropic goals and leave a legacy for your family: a charitable remainder trust (CRT) and a wealth replacement trust (WRT). The strategy begins with contributing assets to a CRT. As the CRT’s income beneficiary, you use the regular income stream you receive to fund the WRT. The WRT then purchases a life insurance policy that will ultimately benefit the beneficiaries you name. When you die, the CRT’s assets pass to the charity you’ve selected. At the same time, the insurance proceeds (which are excluded from your taxable estate) are paid to your WRT, which distributes them to your beneficiaries based on the trust terms you established.

07/30/2026

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money.

Remember, the IRS will never contact you by email or text about a tax bill or refund. It also won’t demand immediate payment over the phone. Most IRS communications are sent through regular mail — though fraudsters may send fake IRS notices by mail, often including QR codes.

Don’t click on links, open attachments or scan QR codes from unknown senders that might direct you to fraudulent websites designed to steal personal or financial information. Contact us if you have questions.