Since the Affordable Care Act (Obamacare) was enacted, Health Savings Accounts (HSAs) have become more popular than ever, particularly with small businesses. This should come as no surprise. The HSA has some great features including its exclusion from the Affordable Care Act 100-a-day penalty rules, tax-deductible contributions, tax deferred growth, and possible retirement … [Read more...]
Medical (for 105 plans see Section 105 medical plan)
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Why an HSA beats a traditional IRA!
Ask “What’s the best way to save for retirement?” and most people will mention an IRA. But I think you should first consider an outstanding alternative to the traditional IRA… a Health Savings Account (HSA). Important: Don’t think of an HSA as merely a way to pay for medical bills. In reality, an HSA is a powerful way to turbocharge your retirement savings and in many ways, … [Read more...]
Create an employee-spouse “105-HRA”
It’s a fact… The Affordable Care Act (Obamacare) doesn’t apply to a business that has only one employee. That’s good news. Your spouse can benefit from what I call a “105-HRA” (Health Reimbursement Arrangement). When you design it for your spouse, the plan reimburses him/her for family medical expenses. The reimbursements are business-expense deductible on your tax … [Read more...]
Get your injury award or settlement tax free
I sure hope you’re never injured, but if you are ever laid low, here’s some news that may cheer you up… Uncle Sam provides a generous tax exclusion for awards and settlements arising from injury lawsuits. That’s right. You can use the exclusion, along with other tax-reduction strategies, to minimize any tax you have to pay on the amount you receive. Getting injured is no … [Read more...]
How to deduct the cost of special needs education
If your child is attending a special needs school, you’re facing some serious financial challenges. But Uncle Sam can offer you some help. You see, tax law lets you deduct tuition, medical expenses, and more. The only catch? You need to know which expenses qualify and the right way to deduct them. We’ll provide all the necessary information when you read my new … [Read more...]