Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.
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Every year at this time, you start to hear more about the importance of year-end income tax planning in radio and television commentary. For many people with more complex businesses or investments, the beginning of the 4th quarter of the year signals the time to start to organize their tax documents and to set-up an appointment with their advisors to review results.
This year is different! This year, tax planning should be important to everyone, not just for those that have complex tax situations. The implementation of the Tax Cuts and Jobs Act of 2017 has impacted every taxpayer. While we have all heard about it, not everyone has an applied working knowledge of what the impact will be in the first annual income tax filing season, which begins in about three months.
Taxpayers who have healthcare coverage under a High Deductible Health Plan (HDHP) may qualify for tax relief from the Internal Revenue Service.
HDHPs, health insurance plans with lower premiums and higher deductibles than a traditional health plan, are a requirement for having a health savings account.