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06 Nov 2023
0

Evaluate Whether a Health Savings Account is Beneficial to You

Roger Rossmeisl, CPA
Individual Tax Briefs
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Evaluate Whether a Health Savings Account is Beneficial to You

With the escalating cost of health care, many people are looking for 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 four tax benefits: Contributions made to an HSA are deductible, within limits, Earnings on the funds in the HSA aren’t taxed, Contributions your employer makes aren’t taxed to you, and Distributions from the HSA to cover qualified medical expenses aren’t taxed. Eligibility  To be eligible for an HSA, you must be covered by a “high deductible health plan.” For 2023, a high deductible health plan is one with an annual deductible of at least $1,500 for self-only coverage,...

13 Nov 2022
0

2023 Limits for Businesses that Have HSAs

Roger Rossmeisl, CPA
Small Business Tax Briefs
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2023 Limits for Businesses That Have HSAs

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants. Earnings on the funds in an HSA aren’t taxed, so the money can accumulate tax-free year after year. Distributions from HSAs to cover qualified medical expenses aren’t taxed. Employers don’t have to pay payroll taxes on HSA contributions made by employees through...

05 Jun 2022
0

Inflation Enhances the 2023 Amounts for Health Savings Accounts

Roger Rossmeisl, CPA
Small Business Tax Briefs
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Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics 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 covered under a “high deductible health plan.” In addition, a participant can’t be enrolled in Medicare or have other health coverage (exceptions include dental, vision, long-term care, accident and specific disease insurance). A high deductible health plan (HDHP) is generally a plan with an annual deductible that isn’t less than $1,000 for self-only coverage and...

16 Nov 2021
0

Establishing a Health Savings Account for your Business

Roger Rossmeisl, CPA
Small Business Tax Briefs
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Establishing a Health Savings Account for your Business

With the increasing 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, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants. Earnings on the funds in an HSA aren’t taxed, so the money can accumulate tax free year after year. Distributions from HSAs to cover qualified medical expenses aren’t taxed. Employers don’t have to pay payroll taxes on HSA contributions made by employees through payroll deductions. Eligibility rules To be eligible for...

28 Sep 2021
0

Is a Health Savings Account Right for You?

Roger Rossmeisl, CPA
Individual Tax Briefs
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Is a Health Savings Account Right for You?

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 HSA are deductible, within limits, Earnings on the funds in the HSA aren’t taxed, Contributions your employer makes aren’t taxed to you, and Distributions from the HSA to cover qualified medical expenses aren’t taxed.   Who’s eligible?  To be eligible for an HSA, you must be covered by a “high deductible health plan.” For 2021, a high deductible health plan is one with an annual deductible of at least $1,400 for self-only coverage,...

25 Jun 2021
0

2022 Amounts for Health Savings Accounts

Roger Rossmeisl, CPA
Small Business Tax Briefs
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2022 Amounts for HSAs

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 covered under a “high deductible health plan.” In addition, a participant can’t be enrolled in Medicare or have other health coverage (exceptions include dental, vision, long-term care, accident and specific disease insurance). A high deductible health plan (HDHP) is generally a plan with an annual deductible that isn’t less than $1,000 for self-only coverage and $2,000 for family coverage. In addition, the sum of the annual deductible and other annual out-of-pocket expenses required...

25 Jun 2020
0

2021 HSA Inflation Adjusted Amounts

Roger Rossmeisl, CPA
Small Business Tax Briefs
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2021 HSA Inflation Adjusted Amounts

The IRS recently released the 2021 HSA inflation adjusted amounts.  Health Savings Accounts (HSA) basics 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 covered under a “high deductible health plan.” In addition, a participant can’t be enrolled in Medicare or have other health coverage (exceptions include dental, vision, long-term care, accident and specific disease insurance). In general, a high deductible health plan (HDHP) is a plan that has an annual deductible that isn’t less than $1,000 for self-only coverage and $2,000 for family coverage. In addition, the sum of the annual deductible and other annual out-of-pocket expenses required to...

27 Dec 2019
0

Setting Up a Health Savings Account

Roger Rossmeisl, CPA
Small Business Tax Briefs
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Setting Up a Health Savings Account

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, setting up a Health Savings Account offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants. Earnings on the funds within an HSA aren’t taxed, so the money can accumulate year after year tax free. HSA distributions to cover qualified medical expenses aren’t taxed. Employers don’t have to pay payroll taxes on HSA contributions made by employees through payroll deductions. Who is...

25 Jul 2019
0

Is a Health Savings Account Right for You?

Roger Rossmeisl, CPA
Individual Tax Briefs
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Is a Helath Savings Account Right for You?

To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis.  But, is a Health Savings Account right for you? Is a Health Savings Account right for you: The basics With HSAs, you take more responsibility for your health care costs. If you’re covered by a qualified high-deductible health plan, you can contribute pretax income to an employer-sponsored HSA — or make deductible contributions to an HSA you set up yourself. You own the account, which can bear interest or be invested. It can grow tax-deferred, similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over a...

ROGER ROSSMEISL, CPA

Kho & Patel CPAs
160 E. Arrow Highway
San Dimas, CA 91773

(714) 325-0442
roger@khopatel.com

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