This week we bring you another tax strategy that may save you extra dollars, while not mandatory before the end of the year – we find it MUCH less confusing to synch the year – make the deposit in the year of the deduction.
Recently in our end of the year tax strategies, we visited Pushing Income , Optimizing Donations, the week prior of IRA Distribution, and the week prior to that a Roth Conversion to maximize your tax deductions. This weeks topic is simple, the HSA !
If you have a “High Deductible” health insurance plan – many more do recently, to smartly save on monthly premiums – if you can fund an HSA – DO SO NOW!
FUND that HSA
Here are the limits from our friends at HSA Bank – (one of our favorite HSA investment options- there are many):
- Age 55 – Not 50 for catch up increases
- Almost without regard to investment, the tax savings are worth it
- Pre-tax savings for future use or today
- Pre-tax payments for today or tomorrow
These are just a few examples!
While we do not offer HSA savings plans, they are worth the time and effort to set up, the tax savings are terrific!
Any questions– just reach out- we will be glad to help!
Have a Great — Less Taxable — Day!
John A. Kvale CFA, CFP
8222 Douglas Ave # 590
Dallas, TX 75225
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