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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 planIs not covered by other health insurance (except certain types of limited coverage)Is not enrolled in MedicareIs not claimed as a dependent on someone else’s tax returnChildren cannot establish an HSAEligible spouses canSEE DETAILS

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1. Sock away money for retirement. Traditional IRAs and 401(k)s receive pre-tax contributions. So if you have taxable income of $75,000 and you contribute $5,000, you get to subtract $5,000 from your taxable income and avoid paying taxes on it now. (You will ultimately be taxed on it upon withdrawal in retirement, when your tax rate may be lower.) If you’re in the 25% tax bracket and contribute $10,000 to these accounts, you can cut your tax bill by $2,500! It’s also worth considering contributing to Roth IRAs or 401(k)s, though.SEE DETAILS

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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 deduction, online banking transfer, or by sending a personal check to HSA Bank. Your employer or third parties, such as a spouse or parent, may contribute to yourSEE DETAILS <span class="more-link-hover-image...

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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 and EquipmentAnd so much more…Click HERE to see a more complete list of expenses that you can deduct.It’s not uncommon for business owners to short change themselvesSEE DETAILS <span class="more-link-hover-...

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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 the IRS without fully understanding what itSEE DETAILS

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