HSA FREQUENTLY ASKED QUESTIONS

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HSA Frequently Asked Questions What is a Health Savings Account (HSA)? An HSA is a tax favored account used in conjunction with an HSA-compatible health plan. The funds in the account are used to pay for IRS-qualified medical expenses such as services applied to the deductible, dental, vision, and more.   Who can get an HSA? Any eligible individual that: Is covered by an HSA-compatible health plan Is not covered by other health insurance (except certain types of limited coverage) I..
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MEDICAL EXPENSE SAVINGS

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How to pay your medical expenses TAX FREE! Health Savings Accounts (HSA) Start saving more on healthcare. A Health Savings Account (HSA) is an individually-owned, tax‐advantaged account that you can use to pay for current or future IRS‐qualified medical expenses. With an HSA, you’ll have the potential to build more savings for healthcare expenses or additional retirement savings through self-directed investment options¹.   How an HSA works: You can contribute to your HSA via payroll ..
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NEWSLETTER #3 - IRS LETTER - DO YOU KNOW WHAT YOU ARE PAYING FOR?

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December 22nd, 2016. IRS LETTER - DO YOU KNOW WHAT YOU ARE PAYING FOR? Hello Friend, When you get a letter from the IRS asking you to pay, what do you do? Do you put it back on the shelf to deal with later? Do you just take a deep breath and pay it, even though you might not fully understand what it is? Or do you have a trusted advisor who will look over it for you, explain it, and determine whether you really need to pay? Let me tell you something: you should never, ever pay a bill from..
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NEWSLETTER #9 - MARCH 2017 - ARE YOU DEDUCTING AS MUCH AS YOU SHOULD?

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March 2nd, 2017 ARE YOU DEDUCTING AS MUCH AS YOU SHOULD? Dear Friend, When you incorporate your business, every business expense is deductible (take a look at how much an individual pays in taxes versus an S Corp HERE. But many people still don’t know exactly what they can deduct. Here’s a basic list of the items you should be deducting from your taxes... Automobile Expenses (gas, repair, oil, etc.)Bank Service ChargesInsuranceMeals and Entertainment (including travel-related)Small Tools ..
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NEWSLETTER #8 - FEBRUARY 2017 - HERE’S HOW YOU CAN SAVE THOUSANDS IN TAXES...

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February 23rd, 2016. HERE’S HOW YOU CAN SAVE THOUSANDS IN TAXES... Dear Friend, The American tax system can be confusing and overwhelming, not only to new citizens but also to Americans! Because of this, it’s important that you work with an accountant who not only takes care of your taxes, but also takes time to explain how the system works. I can’t tell you how many people come to me completely confused about their taxes... especially if they’re self-employed. If you have your own busines..
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NEWSLETTER #6 - FEBRUARY 2017 - TAX SEASON IS HERE!

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February 02, 2017 TAX SEASON IS HERE! As you prepare for the 2017 tax season, Often, clients tell me they are waiting to receive their 1099’s – but that is wrong! No need to wait and potentially cause a headache for yourself down the line. Since you have your bank statements, you know exactly how much you deposited into your account last year. Just simple add 12 numbers (a summary of your deposits per month). And by the way, I always recommend that my clients receive paper statements. The ..
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NEWSLETTER #7 - FEBRUARY 2017 - IS IT TIME TO INCORPORATE YOUR BUSINESS?

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February 9th, 2017 IS IT TIME TO INCORPORATE YOUR BUSINESS? Dear Friend, If you’re self-employed, it may be time to consider incorporating your business. Time and time again, we see self-employed clients save significant sums of money as soon as they incorporate – and February is a great month to do it. It’s best to incorporate your business at the beginning of the tax year because you have the entire year to make money under the corporation. When you incorporate, you save money, cut pers..
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NEWSLETTER #5 - THE DEADLINE IS TODAY FOR FORMS 1099 AND PAYROLL TAXES!

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January 31st, 2017 THE DEADLINE IS TODAY FOR FORMS 1099 AND PAYROLL TAXES! When it comes to filing taxes – especially business taxes - it is crucial that you are aware of and meet important deadlines. And it just so happens that today is an important deadline! IRS changed filing requirements for 1099 forms starting 2017. 1099 forms are due today to your contractors and to IRS If you made payments for services in 2016, now is the time to send your Form 1099. These payments can include indep..
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NEWSLETTER#4 - DECEMBER 2016 - WHY YOU SHOULD GET AN HSA ACCOUNT

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December 29, 2016 WHY YOU SHOULD GET AN HSA ACCOUNT Dear Friend, I recently saw an article on Facebook mentioning Donald Trump’s HSA, or Health Savings Account. I was glad to see people talking about the HSA accounts, because these accounts – although not well-known to most of the US are widely used by the wealthy – have saved me and my clients thousands through the years. Here’s how it works (and in case you’re wondering, HSA accounts are completely legal): If you have health insurance w..
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NEWSLETTER #1 - BE SMART AND WORK YOUR WAY TO THE TOP!

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December 8th, 2016. BE SMART AND WORK YOUR WAY TO THE TOP! Hello Friend, I would like to introduce myself. My name is Ilona Dovidaitiene, E.A. I was born and raised in Lithuania. In 2004 I won my green card ticket to America in a lottery and was able to immigrate.  Once I landed in the U.S., I started like all immigrants: at the bottom. I went back to school and sharpened my English until finally I was able to open my own Accounting and Immigration business in 2009. Today I hold a licens..
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Newsletter #2 - Immigration rates going up 12/23!

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Immigration rates going up 12/23! Dear Friend, When I immigrated to the US, I experienced first hand how overwhelming and frightening it can be when you go through the immigration process. That’s why a major component of my business is immigration assistance: I am known in the Lithuanian and Eastern European community for my tenacity and commitment to taking care of my clients! If you’re on the immigration track, it is imperative that you act quickly. Starting December 23rd, naturalization..
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