Personal Financial Advice from a former Certified Financial Planner
Can you deduct medical expenses in 2021? Are your medical expenses tax deductible? Yes… but… Medical Expenses Tax Deduction Limit Medical expenses are tax deductible for 2021, but only after they exceed 7.5% of your income. You also must itemize your deductions to claim the medical expenses tax deduction. Finally, …
A quick reminder not to forget to use your HSA account to pay for ALL of your qualified medical expenses. Remember, you get the deduction based upon CONTRIBUTIONS, and your contributions do NOT have to be made before your expenses are incurred. In other words, if you go to the …
There is a lot of confusion around the difference between an HSA and a FSA. HSA stands for Health Savings Account. FSA stands for Flexible Spending Account, or sometimes, Flexible Spending Arrangement. Both types of medical savings accounts are tax-advantaged ways to save and pay for various medical expenses, but …
A health savings account, or HSA, is a great way to save money for medical expenses. If you qualify for an HSA, you get to deduct every dollar in contributions up to the HSA contribution limit. If you pay your medical expenses with an HSA, it ends up that you …
I’ve written a bit lately about Health Savings Accounts, or HSAs, how HSAs work with state taxes, and the difference between Health Savings Accounts and Flexible Spending Accounts. But, the one question I keep getting is how exactly to use a HSA account. The Health Savings Account Theory The idea behind …
Here comes the end of the year! (Yikes, already?) As 2010 draws to a close, it is time for the annual publishing of the end of year tax tips articles. Or, for the mainstream media, it’s time to re-publish pretty much the same thing that was published last year, rehashing …