The IRS Has announced the new limits for Health Savings accounts. The IRS increased the contribution limits for 2020, allowing you to put money away in an account to cover out-of-pocket healthcare expenses without having that money taxed! The IRS increased the amount for individual coverage by $50 making it $3,550 and bumped family coverage up $100 to $7,100. If you’re 55-plus, you can put away an extra $1,000 a year. You can contribute to a health savings account if you’re in a qualifying high-deductible health plan. The money in health savings account can help cover doctors’ co-pays, medicines or other medical expenses that aren’t covered by your insurance.
Additional Readings
As a business owner, you know everything there is to know about your industry. You could be an expert on your specific business, but how much do you know about business taxes? If you are like other business owners, you might not know a lot. Luckily, there are professionals who can guide you through the basic and specific tax...
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