“In this world nothing can said to be certain, except death and taxes.” — Benjamin Franklin
With the passage of new tax laws in December 2017, the United States Congress made changes for deductions and corporate tax rates, but they left the tax benefits that come from health savings accounts (HSAs) alone. More recently, the annual family contribution for 2018 was reduced (read more here).
HSAs are one of the most tax-advantaged programs allowed by the IRS. Since their creation in 2003, millions of people have taken advantage of the tax savings, healthcare and retirement benefits that come from having an HSA.
When it comes to your employees, HSAs offer three ways to save on taxes.1 As an employer, you can also take advantage of tax savings. Here’s how: