It is not turning age 65 that makes people ineligible to contribute to HSAs, but rather enrollment in Medicare that prevents HSA owners from making further contributions. And while most people do enroll in Medicare when they turn 65, it is not necessarily required.
Read MoreThe IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.
Read MoreTo assist Ascensus clients during the busy contribution and tax season, the 800 Consulting telephone lines will be open for extended hours.
Read MoreSome HSA owners may not fully understand what medically-related expenses their HSA is allowed to cover. Although financial organizations are not responsible for determining whether a medical expense is a qualified expense, it is helpful to know some of the basics.
Read MoreHealth savings accounts (HSAs) will celebrate 20 years in 2024, and these tax-advantaged accounts are more popular than ever. However, there are some common misconceptions about HSAs that prevail, despite their growing popularity.
Read MoreEmployers are now preparing for benefits enrollment season, and chances are likely that you’ll soon experience an uptick in potential clients who want to set up new health savings accounts (HSAs) for next year.
Read MoreHealth savings accounts (HSAs) continue to grow in popularity. And as they become more popular, you should expect an increase in HSA-related questions from clients. This article provides answers to some of the more common HSA questions that your clients may have.
Read MoreThe IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.
Read MoreIs the 2022 tax season truly over for your clients? If they live or work in a federally declared disaster zone, their federal tax deadline has been postponed this year.
Read MoreAlthough there are a few similarities between IRAs and HSAs, the beneficiary options are different.
Read MoreHealth savings accounts (HSAs) can be easy to offer employees and benefits everyone. But employers should know what their responsibilities are for their employees’ HSAs.
Read MoreWas your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.
Read MoreMaximum annual HSA contributions will rise from $3,650 to $3,850 for those with self-only insurance coverage, and from $7,300 to $7,750 for those with family coverage.
Read MoreHSAs are IRA-like accounts that are tax-favored and designed to cover medical expenses incurred by the HSA owner, the HSA owner’s spouse, and his dependents. So—how can HSAs help your clients?
Read MoreAs your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.
Read MoreThe first few months of each year usually bring an increased number of contributions for individual retirement arrangements (IRAs) and health savings accounts (HSAs). During this flurry of contribution activity, it’s important to make sure that your clients clearly designate the year that a contribution is for.
Read MoreTo make HSA contributions, an individual must be covered by a qualifying high deductible health plan (HDHP), and not be covered by a plan that is not an HDHP. However, when it comes to HSA eligibility, not all HDHPs are created equal.
Read MoreSeveral bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
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