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Check up on Health Savings Accounts

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in Small Business Tax

With all the hubbub surrounding the Affordable Care Act (ACA), and legis­lative efforts to repeal or modify the ACA, it’s easy to forget about other significant health care provisions.

Strategy: Re-examine the merits of Health Savings Accounts (HSAs). This could be a tax-smart way for you to handle your medical expenses in the current environment.

Although these tax-favored accounts were initially slow to catch on, interest has been heating up. In fact, recent tax law changes have generally improved HSAs, so they’ve become more attractive.

Here’s the whole story: An HSA is like an Individual Retirement Account (IRA) for medical expenses. Contributions can be deducted above-the-line or your company can make tax-deductible contributions on behalf of its employees—or both.

As with a regular IRA, there’s no current income tax on the earnings within the account. Furthermore, distributions are completely exempt from federal income...(register to read more)

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