This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/hsa-medical-expense-tracking-spreadsheet/
This selected trade related news story, was chosen personally by Marcus lee, who is one of our undercover online business news broadcast reporters – will give you further insight in how these points of discussion could be decoded into your own business ventures.
If you have a Health Savings Account, or HSA, and aren’t using it to pay for medical epenxes, you are missing out on tax benefits.
As we explain in our Health Savings Account Guide, HSAs have a triple-tax advantage:
Put Money in Pre-Tax – Contributions put into an HSA are not taxed. Meaning, your adjusted gross income on your taxes will decrease by the amount you deposit.
Interest and Investment Gains are Not Taxed – Once your cash balance hits a certain threshold (i.e. $1,000, $2,000, etc.) you can shift any money above the threshold into an investment account. The investment gains are not taxed.
Withdraw Money Tax-Free – When you withdraw money to cover a qualified medical expense you are not taxed on the withdrawal. In general a qualified medical expense is defined as an expense that pays for healthcare services, medications, or equipment. Clear-cut examples include a prescription you get at a pharmacy or a bill from a doctor visit.
At a minimum, it makes sense to deposit money into your HSA and reimburse yourself for qualified expenses so that you are paying with before-tax dollars.
So how much can you contribute to an HSA? For 2023 the IRS has set contribution limits for HSAs to $3,850 for an individual or $7,750 for a family. For those over the age of 55 there is an opportunity to contribute an additional $1,000.
Besides contributing to your HSA and reimbursing yourself for qualified medical expenses, there are a couple of other way… Read More
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