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Create your own tax-favored health care plan

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in Small Business Tax

Is it time to take health care reform into your own hands?

Strategy: Investigate the benefits of Health Savings Accounts (HSAs). Although these tax-favored accounts have been slow to catch on with the public, it might make sense for your situation. If it does, sign up for an HSA whether or not health care reform is enacted.

Recent tax-law changes have already improved HSAs, so they’ve become more attractive to a wider range of taxpayers.

Here’s the whole story: The HSA often is called an “individual retirement account (IRA)” for medical expenses. Your contributions can be deducted above-the-line or your company may make tax-deductible contributions on your behalf—or both.

As with a regular IRA, there’s no current income tax on the earnings within your account. Furthermore, distributions are completely tax-free if you use the funds to pay for qualified medical expenses. However, taxable distributions are hit with...(register to read more)

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