3 Health Savings Account Mistakes to Avoid | The Motley Fool | https://ramlcpa.link/sfl
HSA's are still so underutilized as a tax tool it’s a bit unreal especially considering its 2019 & HSA's have been around for years.
While we’ve been delayed a bit longer than planned with the clients only section to our website, we are now just a short time away. The emphasis in the end is to touch on matters like this in greater and greater detail, and move BEYOND the OBVIOUS, and instead supercharge wealth creation for ALL our clients.
Here are a few of my favorite perks of HSA's.
1) Maximizing your contribution(s) when able. As some who's been through hell and back with health scares in the past, and the money crunch that can come after (even with insurance), HSA's that are well planned and funded long before an event arises can save a ton of heart ache and years of hard work.
2) IT’S TAX FREE MONEY - Literally!! When you put money into an HSA it's tax deductible up to the limits, it then grows tax free, and as long as distributions (and growth) are used for qualified medical the entire transactions costs you nothing in tax. How many tax breaks save you money to start, and charge no tax on the back end (even on the growth)? Not many believe me.
3) If you're Married and Your Spouse is the Beneficiary the funds transfer TAX FREE, better yet the spouse isn't even required to carry an HSA-eligible health plan. There are other rules if the beneficiary is not your spouse which can be very tax beneficial in their own right if done properly.
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Travis Raml, CPA
Travis Ram, CPA is a Columbia Maryland CPA working with Individuals who have complex tax and financial matters & small and mid-sze Businesses.