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The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA can act as more than just a vehicle to pay...

According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you're younger, let it be that one. Similarly, you need to understand that planning isn't about simply making sure that you CAN retire. It's also about doin...

If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties.There are no additional extensions (except in designated disaster areas), so if you still do not or will not have all the information needed to complete your return by th...

Bowman & Company, LLP has been named one of the Top 300 accounting firms in the nation, by INSIDE Public Accounting (IPA) – the leading public accounting publication of record. The IPA 500 ranks firms by net revenues and is known as one of the most thorough, complete and accurate sets of rankings and trends in the profession. The full list of the IPA 2022 Top 500 firms can be found he...

Any seasoned entrepreneur will tell you that coming up with an idea for a startup is ultimately the easy part of this process. Figuring out how you're going to get the funds necessary to make that vision a reality? That part is a bit trickier. Selecting investors for your startup can be the hardest part of the process – not only because you want to make sure you're making the right choices f...

Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events:Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file returns using the single status and generally will file a combined return with your ne...

Bowman & Company is pleased to announce the addition of Lucy Gallegos. Lucy joins the firm as a Senior Accountant with a focus on Audits. Lucy holds a Bachelor of Science in Business Administration with a focus in Accountancy from California State University, Sacramento, and is a Certified Public Accountant (CPA). Lucy has over seven years of accounting industry experience. For the pas...

Bowman & Company is pleased to announce the addition of Mayli Huang as an Administrative Assistant. In her new role, Mayli will be working with Ryan Dingler and Daniel Phelps, as well as supporting her administrative teammates and assisting with general tasks for the firm. Mayli has over six years of Administrative Assistance experience. Prior to joining the team at Bowman, Mayli worke...

Newspapers and media reports have been filled with talk of inflation and recession. Experts are arguing about the definition of the latter. Pundits are pondering whether the slowdown reflected in the latest consumer price index report means that inflation has peaked. You, in the meantime, are still staring in disbelief at the numbers that are rolling by as you fill your tank with gas or the tot...

A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the follow...