5. Score a deduction by saving more for healthcare costs
You are actually entitled to make deductible contributions to a health savings account (HSA), when you have a qualifying high-deductible health plan.
When you contribute to a health savings account, you actually have big tax advantages because you can deduct for contributions as you put money into the account and you won’t be taxed on withdrawals as long as you use the money for an eligible healthcare expense.
Even if you have the right to withdraw the funds from your HSA when you need them, it is better to keep the funds invested. Just let them grow in order to build a big account to cover care costs in retirement.
1 thought on “8 Tax Tips You Should Definitely Take Advantage of This Year”
how much tax should I take from my check if I am an independent consultant and make 2080 per week when I work?