Tag: hsa
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Health Savings Accounts: new contribution limits for 2023
the IRS announced the new contribution limits which will apply to Health Savings Accounts (HSAs) starting in January of 2023
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The HUGE benefits of the Health Savings Account (HSA)
Health Savings Accounts, or more commonly known as HSAs, are a tax haven hidden in plain sight. HSAs are paired with what the IRS determines to be “High Deductible Health Plans” or HDHPs. For 2021, these plans were required to have a minimum deductible of $1400 for an individual and $2800 for a family. If…
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Don’t be a normal idiot, be a wealthy one; maintain a healthy emergency fund
The EF (Emergency Fund) is one of the foundations of personal finance. The EF allows you to sleep soundly at night knowing your lifestyle and loved ones are protected. Whether it be from job loss, or an unexpected illness, having the ability to pay 4-6 month of expenses with savings is a game changer. Because…
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Don’t Miss Out on Massive Savings with these Tax Secrets – Contribution Limits for 2021
Each year, the IRS specifies contribution limits for retirement accounts. These limits, based on inflation data from the year prior, determine how much a person (and their company in some instances) can contribute to a given plan. Below, we’ll quickly go over the limits for the common retirement accounts.
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You’re paying way too much in taxes; Spend more time working for yourself
Taxes are a topic that very few people understand. I constantly hear the terms credit, deduction, and write-off, all intermingled in an incoherent way that is certain to signal a lack of tax code understanding. I can’t tell you how many times a married friend or co-worker has said, “man, this mortgage interest is really…