Please note the information below is intended to provide generalized information that is appropriate in certain situations.  It is not intended or written to be used, and it cannot be used by the receipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer.  The contents of the information provided below should not be acted upon without specific professional guidance.  Please call us if you have any questions.

Do you contribute to a health savings account, or HSA, to help you cover your medical expenses? Taxpayers are allowed to make tax-deductible contributions to HSAs if they have health plans that have high deductibles, based on Internal Revenue Service guidelines. If you have an HSA, you’ll be happy to hear that the annual deductible contribution limit certain coverage has been raised for 2017. For individuals (with self-only coverage), it will be increased by $50 from 2016 to $3,400. The limit for family coverage will be unchanged at $6,750.

If you’re uncertain whether you are eligible for an HSA, or how these plans can fit into your overall financial and tax planning strategy, be sure to call our office today. We can explain your options and offer the advice you need to make smart financial decisions.