Health Savings

Turquoise porcelain piggy bank with stethoscope and small pad with the letters HSA

How Tax-Smart HSAs Help Your Business and Employees

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on healthcare expenses while providing valuable tax advantages. You may already have an HSA. It’s a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025.

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Insurance card on turquoise background

Medicare Premiums May Lead to Tax Savings

If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover.

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Ha inserting coin into piggy bank with tiered stacks of coins, red squeeze heat and stethoscope.

HSAs Can Be Powerful Retirement Saving Tools

Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding healthcare expenses not covered by insurance. For those in relatively good health, they may also serve as attractive retirement savings vehicles.

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One time thing: IRA to HSA Transfer 2023 Russo CPA

One-Time Thing: IRA to HSA Transfer

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime.

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