• GJM Blog

    Important Industry News & Helpful Tips

Get More Out of Your Health Savings Account

Health Savings AccountMillions of Americans use a health savings account, or HSA, to save for medical costs. But, are you getting the most out of your HSA? Gilmore Jasion Mahler CPA Charlie Heid recently tackled the topic in his monthly appearance on WTOL-TV.

The HSA or health savings account is a way to save money for medical expenses for people who have health coverage through a high deductible health plan.

You can pay for things like:

  • Doctor’s visits & copays
  • Surgery
  • Dental work
  • Flu shots

Unlike a flexible spending account, or FSA, which some people may get confused with an HSA, the HSA balance rolls over from year to year, and if you change jobs you can take your HSA with you.

Health savings accounts are referred to as a triple-tax free way to save… and here’s what that means:

  1. Your money goes into the account before its taxed
  2. It grows in the account tax deferred
  3. You can withdraw the money tax-free to pay for medical expenses

But there’s another benefit of the HSA that many people may not be aware of: when you turn 65 the HSA works like a traditional IRA. At 65 and older you can take money out and use it for whatever you want (not just medical expenses), though you would have to pay taxes on it when you do. But, you can still use that money tax-free for medical expenses in retirement.

There are some limits to what you can put into an HSA on an annual basis. They’ve actually gone up a bit in 2019 from 2018. A single person can put in up to $3,500 a year and a family can put in up to $7,000 per year.

If you’re 55 or older you can put in an extra $1,000 as a so-called catch-up contribution. That’s to help people who are nearing retirement age who feel they haven’t saved enough.

HSAs can be a powerful tool in saving for retirement. They can actually be invested in mutual funds to grow even further. If you do automatic payroll deduction for your HSA, unlike your 401(k) or IRA, that money isn’t subject to a federal income tax known as FICA, or the Federal Insurance Contributions Act, which goes toward Social Security and Medicare.

If you invest your HSA balance, be aware that some organizations can charge pretty big fees and some also have a required minimum balance before you’re allowed to invest.  

Some other things to keep in mind:

  • If you do invest your HSA, be sure to consult an expert so that you invest wisely
  • You can change the amount of your HSA contribution whenever you want, as long as you don’t go over the annual contribution limit
  • You need to keep receipts so that, if need be, you can prove that the medical expenses meet IRS requirements
  • Finally, other people can contribute to your health savings account. You can contribute separately from your payroll deduction. Your employer, family members or anyone else can also contribute as long as you stay below the annual contribution limit

CPA Charlie Heid is a partner specializing in tax services. He has been with Gilmore Jasion Mahler for 17 years and appears monthly on WTOL 11 Your Day to cover tax and money topics.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.  

Business Valuation: What to Look for in an Expert

You know you need a business valuation, but who should do it and how in depth should it be? Gilmore Jasion Mahler Partner Jeff Denning specializes in business valuation and says be aware that the IRS or a court of law will have some requirements when it comes to the valuation, and who does the work. He offers some ideas on how to go about choosing the right person for the job.

Who does a valuation for your business is one of several important questions as you begin to research the process. For more information, see GJM's video blogs How Do You Figure Out the Value of Your Business, Business Valuation: Lengthy Report or Not, and What is the Business Valuation Process. Learn more about Jeff’s expertise in business valuation and forensic accounting, and don’t forget to sign up for GJM’s free quarterly newsletter The Expert with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Business Valuation: In Depth Report or Not?

Do you need to figure out what your business is worth? If you’re looking into getting a business valuation, you have some decisions to make. Gilmore Jasion Mahler (GJM) Partner Jeff Denning specializes in business valuation and says you could pursue a detailed (possibly 100 page) report, or a less detailed report. Which one do you need? Jeff has some answers in our most recent video blog.

Learn more about Jeff’s expertise in business valuation and GJM's forensic services, and don’t forget to sign up for our free quarterly newsletter The Expert. It offers timely and helpful articles with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Is it Time to Outsource Your Business Accounting?

Running a business isn’t for sissies. You bring in good people to manage the office, handle human resources and oversee the financials for you, but in the end, you know you’re ultimately responsible.

Did you double check that last invoice that went out to your best customer? What’s the balance on your business loan? How much cash is available right now? 

What if you could stop fretting over questions like that and know someone’s got your back around the clock? That’s the basic concept behind Gilmore Jasion Mahler’s Outsourced Accounting Services. We’ll call it the best of both worlds: a team of specialists is on the job, and you get to see the numbers anytime you want right on your cell phone.

Your team is there to answer questions, advise you on business decisions, if desired, and yes, to handle the books.

Advances in technology are changing the way many businesses handle the business manager role at the office. That includes many healthcare entities, including physician and dental practices. Many are embracing the technology, letting a specialized team handle the work, and turning their attention to growth strategy and other priorities. Outsourced accounting can also be an excellent fit for nonprofit organizations struggling to fill positions with knowledgeable, capable individuals.

Picture this: real time financial key performance indicators you can see any time of the day or night on your cell phone or other device. More importantly, a team of professionals working with you who not only look at today’s numbers, but help you plan and strategize for the future.

Some key benefits to outsourced accounting with Gilmore Jasion Mahler:

  1. Stop struggling to fill that internal business manager role (seems like there’s always an opening, doesn’t it?).
  2. Real time data at your fingertips around the clock whether you’re in the office or the sidelines of your daughter’s soccer game.
  3. A team consisting of accounting specialists, including a GJM partner, to handle the business finances and also guide and advise on other important financial decisions as needed.
  4. Dashboard view of your financials via leading edge accounting software platform Sage/Intacct.

Interested in learning more about Gilmore Jasion Mahler’s Outsourced Accounting Services? Read up on our team's capabilities. You can also contact our Accounting Specialist Team to start the conversation.

Gilmore Jasion Mahler’s Judy Anderson, CPA contributed this blog. Judy leads the GJM Outsourced Accounting Specialist Team. With over 20 years of experience in public accounting and private industry, Judy works with clients across a number of industries, including healthcare, nonprofit, and professional services.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.  

GJM Staff Announcements

Gilmore Jasion Mahler, LTD (GJM) has announced some key promotions and new staff members that strengthen the Firm and its leadership team. The promotions are effective January 1, 2019.

Judy Anderson Gilmore Jasion MahlerJudy Anderson and Matt Cavanagh are promoted to partner. Anderson, a Toledo native and graduate of The University of Toledo has been with the firm for 11 years. She has over twenty years of experience in public accounting and in the healthcare industry. A member of Gilmore Jasion Mahler’s healthcare and outsourced accounting group, she works with many of the Firm’s healthcare clients providing practice management and consulting services.  

Matt Cavanagh Gilmore Jasion MahlerCavanagh, a Bowling Green native and BGSU graduate, joined Gilmore Jasion Mahler in November of 2005. Also a member of the Firm’s healthcare team, Matt’s focus is healthcare services. His expertise is in ambulatory surgery centers, outsourced accounting, practice management and modeling.

“Judy and Matt are already valued members of our leadership team,” says Gilmore Jasion Mahler Managing Partner Kevin Gilmore. ”Their hard work and dedication have strengthened our healthcare specialty and the Firm as a whole. I’m thrilled to see them both reach partner level.”

Nikki Clement Gilmore Jasion MahlerThe Firm also announced some other key promotions. Partner Nikki Clement has been named managing partner of Gilmore Jasion Mahler’s Findlay office. Partner Mike Brough will lead growth efforts for the Findlay office. Nikki Clement's focus is the utilities industry. She specializes in accounting for regulated utilities.

Mike Brough Gilmore Jasion MahlerMike Brough works across a number of industries including manufacturing & distribution, government, and nonprofit operations.

Steve Miller is being promoted to senior manager. Both Ryan Avery and Ryan Emerson are promoted to supervisor and Nick Jackson is promoted to senior associate.

Earlier in the year, Diane Stretten and Mary Jo Pitzen were promoted to senior manager. Andrea Jennex moved up to supervisor in the GJM Findlay office. Ben Lochbihler was promoted to manager and Corey Selhorst, Lauren Grana and Clay Barron were all promoted to senior associate.

The Firm also brought on well over a dozen new employees in 2018 to further strengthen GJM’s administrative team and client service. They include Elijah Blackburn, Alyssa Essert, Alexandria Frances, Courtney Haas, Nicole Hartranft, Jennifer Henning, Dana Herr, Thomas Keyser, Jessica Knepper, Dylon Lause, Wendy Long, Tim Merkel, Madeline Mielcarek, Caleb Neeper, Joe Osentoski, Tina Rochowiak and Logan Sager.

“I couldn’t be happier with the staff we have in place headed into 2019,” says Gilmore. “When you have great people, great things happen. I’m excited to see what we can accomplish at a team.”

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.