What’s the best tax deduction or tax break available? That’s a question I hear all the time and I often point people to HSAs. While many people believe healthcare expenses are the biggest deductions they can claim, thinking about your HSA as a large tax deduction and even a potential retirement account can maximize your tax savings.
Health savings accounts can be used for more than just healthcare
Megan Gorman, a senior contributor at Forbes and the founder of Chequers Financial Management, joins Kelly on this episode of the Taxgirl podcast to discuss the benefits of health savings accounts.
Listen to Kelly and Megan talk about HSA tax deductions:
- The main healthcare tax breaks
- What is an HSA?
- Flex spending accounts
- How you can use an HSA for retirement
- Who an HSA works for best
- Using an insurance broker to find the best HSA for you
- 2021 HSA tax deduction maximums — Individual vs. family amounts
- Where to get an HSA
- The difference between tax dependents and healthcare dependents
- Utilizing an HSA as a healthcare dependent
- Can you take money out of an HSA?
- HSA penalties
- States where HSA tax deductions aren’t as useful
More about Kelly:
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Kelly’s Website: Taxgirl
Megan Gorman: Website
Megan Gorman: Email