The Twelve Days of Taxmas – Health Savings Account Contribution
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing tips through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the twelfth day of Taxmas, my accountant gave to me a tip to contribute to an HSA if I have a high deductible health plan.
A Health Savings Account (HSA) is a tax-advantaged savings account created for people who get insurance coverage through high-deductible health plans. Contributing to an HSA offers three primary tax benefits:
- Allows you to make tax-deductible contributions
- Generates tax-free income and;
- Permits you to make tax-free withdrawals for qualified medical expenses
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©2021 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and should not be construed as accounting, tax, or financial advice. Please consult your tax advisor concerning your specific situation.