Every tax season brings out the crooks and scammers trying to steal money and sensitive information using tax-related schemes, and even though we’re still a few months out from the beginning of filing season, it’s important to always be aware of threats out there and how you can combat them. Tax authorities like the IRS have countered these scams with electronic defenses that offer protection for both clients and tax preparers. Here’s a look at a few.
Tackling Taxes On an Inherited HSA
Keith Schroeder, EA
The Health Savings Account (HSA) is a first line of defense tax strategy. Contributions are deductible and earnings are tax-free if used for qualified medical expenses. There are numerous features to the HSA that secure maximum tax benefits. Structured properly, an HSA can provide serious tax-free money to beneficiaries as well as the account holder. Before we review the implications of inheriting an HSA, let’s review some of the powerful features an HSA has that increases the value of the account.
