Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an
Health savings account Archives - Crawford Ellenbogen
Sep 21, 2021
Is a Health Savings Account right for you?
- By Joan Ellenbogen
- Deductions, Financial Planning, Health Insurance, Medical, Taxes
- 0 Comments
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Jun 9, 2021
The IRS has announced 2022 amounts for Health Savings Accounts
- By Joan Ellenbogen
- Business
- 0 Comments
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is
Oct 23, 2019
Setting up a Health Savings Account for your small business
- By Ellenbogen
- Business, Health Insurance
- 0 Comments
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax
Feb 12, 2019
Many tax-related limits affecting businesses increase for 2019
- By Ellenbogen
- Business, Taxes
- 0 Comments
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain limits on