Health savings accounts are a source of tax-free money to pay out-of-pocket medical expenses. And if you plan carefully, HSAs can also be a valuable source of retirement savings, providing a triple tax benefit that is even better than a 401(k). Find out more about the strategies to make the most of HSAs in this article for AARP.
How Are Unemployment Benefits Taxed?
U.S. News & World Report article about how unemployment benefits are taxed, and what you can do now to avoid a surprise at tax time. Also, how the tax situation is very different for the stimulus payments.
Are Health Insurance Premiums Tax-Deductible?
Several tax breaks can help you pay your health insurance premiums and reduce your health care costs — whether you’re self-employed, unemployed, buying your own health insurance, or on Medicare. This U.S. News & World Report article explains how to find out if you’re eligible for any of these tax benefits and what you need to do to get them.
New Rules for Medical and Dependent Care FSAs
Recent changes to the rules for health care and dependent care FSAs make these tax-free plans more flexible — especially if your medical or child-care needs have changed over the past few months. Learn more in this article from U.S. News & World Report.
How to File an Amended Tax Return
Did you discover tax breaks you might have missed in the past? You still have time to file an amended return for 2017, 2018 or 2019 and get back an extra refund. This article in U.S. News & World Report explains why and how to file an amended return — and how the procedure is different this year.
Can You Take the Home Office Tax Deduction?
Are you working at home because of the coronavirus? Find out what you need to do to qualify for the home office tax deduction, and how new rules affect who is eligible for this valuable tax break — in U.S. News & World Report.
Understanding Taxes on Annuities
An annuity can provide guaranteed lifetime income in retirement, as well as tax deferral.The way the taxes are calculated depends on the type of annuity, how you receive the payouts, and whether or not you purchased the annuity with money in a retirement account. Find out more in this article for SaturdayInsurance.com.
Get a Triple Tax Break from Health Savings Accounts
Health savings accounts (HSAs) are more than just a tax-advantaged way to pay for medical expenses. They can also help you reduce your taxable income, save for retirement, and even serve as a back-up emergency fund. There are a lot of misconceptions about who can contribute to an HSA and how they work. Here are answers to some key questions about HSAs and strategies for making the most of these valuable accounts. What are health savings accounts, and what are the tax benefits? A health savings account is one of the rare ways to get a triple tax break …