HSA – DougFreemanCPA.com

Healthy savings: How tax-smart HSAs can benefit your small business and employees

Employees, Health Savings Account, HSA, Itemized Deduction, Medical Expenses, Small Business, Small Business Owners, Small Business Tax Tips / Douglas Freeman

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA. […]

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Inflation enhances the 2025 amounts for Health Savings Accounts

Health Care, Health Savings Account, High Deductable Health Plan, HRA, HSA, Medical Expenses / Douglas Freeman

The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than other inflation-adjusted amounts, which allows employers to get ready for the next year. Fundamentals of HSAs An HSA is a trust

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The IRS has just announced 2024 amounts for Health Savings Accounts

Health Savings Account, High Deductable Health Plan, HSA, Inflation, Tax Deduction / Douglas Freeman

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals 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

The IRS has just announced 2024 amounts for Health Savings Accounts Read More »

The IRS clarifies what counts as qualified medical expenses

AGI (Adjustable Gross Income), Federal Income Tax, FSA, HSA, Itemized Deduction, Medical Deductions, Medical Expenses, Qualified Medical Expenses / Douglas Freeman

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications. You can claim an itemized deduction for qualified medical expenses that exceed

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Businesses, be prepared to champion the advantages of an HSA

Employee Benefits, Health Savings Account, High Deductable Health Plan, HSA, Small Business, Small Business Owners, Small Business Tax Tips, Tax-Advantaged Savings / Douglas Freeman

With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering

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Many tax limits affecting businesses have increased for 2023

HSA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business, Small Business Tax Tips, Social Security, Taxes 2023 / Douglas Freeman

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. These are only some of the tax limits and deductions that may affect your business and additional rules may

Many tax limits affecting businesses have increased for 2023 Read More »

The IRS has announced 2022 amounts for Health Savings Accounts

Health Care, HSA, Tax, Tax Deduction, Tax Savings / Douglas Freeman

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

The IRS has announced 2022 amounts for Health Savings Accounts Read More »

Health Savings Accounts for your small business

Employees, Health Care, High Deductable Health Plan, HSA / Douglas Freeman

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the

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Helping employees understand their health care accounts

FSA, HRA, HSA, Tax Deduction / Douglas Freeman

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan). For employees to

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Numerous tax limits affecting businesses have increased for 2020

401K, HSA, Retirement, Simples, Small Business, Social Security / Douglas Freeman

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax. The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900

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