Why is the Health Savings Account (HSA) so popular?
Because, as you may know, it’s a great way for you to claim a tax deduction for the money you put into your HSA without itemizing deductions. What’s more, that money grows tax deferred inside the HSA.
What you may not know is that you can add a Section 105 Plan, FSA, or HRA on top of your HSA if you understand the tax law. You may not. Luckily, I do and I’ll gladly share my knowledge with you when you read my new article titled Tax Tips: Add Tax Deductions on Top of Your HSA with a Section 105 Plan, FSA, or HRA.
Three ways our fact-filled article can help you:
- We’ll explain two HSA exceptions you need to know. The general rule is that you can’t have an HSA if you’re covered by a Section 105 Medical Reimbursement Plan, a healthcare Flexible Spending Account (FSA) plan, or a Health Reimbursement Arrangement (HRA). But there are two exceptions that can help you add juicy deductions. We’ll explain them when you read the full article.
- We’ll help you plan your medical deductions. If you currently have an HSA, there are two planning points that you should know. We’ll tell you more when you read the full article.
- We’ve got some great resources for you. In fact, we’ll provide you with seven links to valuable information. Everything from “How Tax-favored Health Savings Accounts Work In a Nutshell” to “IRS releases Guidance on IRA Transfer to HSA.” We’ll list all seven when you read the full article.