Next years taxes
April 14, 2021
I’m Miriam Neff-with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money
M This is tax month and our books are closed on 2020, but we can carefully, wisely think about changes we can make for this year. Next April we’ll be glad we did.
- One available tool is a health savings account (HSA) Taxpayers who are enrolled in a high-deductible health plan can put funds in such a plan pretax. HSA funds may be used to pay for qualified medical expenses at any time without federal tax liability or penalty.
M One great benefit is that these funds can be used for health care in retirement. Unlike IRA’s which are taxed on withdrawal, these not taxed on withdrawal. Health Savings Plans are one wise way to provide for the future.