Unless you truly enjoy writing checks to Uncle Sam, you’re likely on the lookout to find as many tax deductions as possible before April 15. If you haven’t checked out your health savings account (HSA) lately, now’s the time to see if there’s room to squeeze in a few more dollars. As long as your HSA-qualified plan was in place by December 1, 2013, you can make contributions up until April 15 in order to claim a deduction on your 2013 tax return.
For 2013 individuals can contribute up to $3,250 into an HSA, and families can contribute up to $6,450. If you’re 55 or older, you can contribute any additional $1,000 as a “catch-up” contribution. HSA contributions are deducted on page one of your federal tax return, similar to student loan interest, and directly lower the amount of taxes you owe. And you don’t have to itemize to claim an HSA deduction!
Read the full report here.
Contact Steven Cosby with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.
[contact-form subject=’Website inquiry’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Company Name’ type=’text’ required=’1’/][contact-field label=’Comment’type=’textarea’ required=’1’/][/contact-form]