Tax Fact: Did you know that an HSA (health savings account) can provide some of the best tax-saving benefits?

Contributions to an HSA can be deducted from your taxes. You’ll need a qualifying high deductible health plan to be eligible to contribute to an HSA, though, and the amount you can contribute depends whether you have an individual or family a plan.HSA’s are actually a great account to help you save because not only can you deduct the funds you contribute, but you also don’t pay taxes on the withdrawals as long as you use the money for qualifying health expenses when you take it out.

This is actually a more generous tax break than traditional 401(k)s and IRAs, as you’re taxed on withdrawals with those accounts.

Have any questions, give us a call here at Red Rock Tax & Consulting. We are here to help you get through the stress of taxes! We offer a free 30-minute consultation so call us and let’s get your appointment set up 435-635-2494

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