Effectively manage medical expenses with an HSA
Medical expenses pile up fast. But there are ways to make paying them more manageable and cost-effective. If you have a high deductible health plan, you can open a health savings account (HSA) account to pay your medical bills.
Check to see what your health insurance deductible is. If it’s $1,350 ($2,700 for family) or more, you can make contributions to an HSA to reduce your taxable income. This year, the HSA contribution limit is $3,450 ($6,900 for a family).
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.
