Your Tucson accountants here at The Royce CPA Firm are committed to helping you get the most out of your Health Savings Account (HSA). Many people are confused by what they can and cannot use the funds for, especially when the rules change. However, a recent change in the rules actually works in your favor…
Healthcare
What Employers Must Know about COVID-19 and Changed Tax Laws
The COVID-19 pandemic that has swept across the world has prompted a number of changes that affect employers. These changes involve paid sick leave, paid family and medical leave, and the tax credits associated with those policies. Here’s what you need to know. How does COVID-19 affect employees’ paid sick leave? If an employee cannot…
When and How to Deduct Medicare as a Business Expense
Medicare health insurance may be less expensive than most private plans, but the premiums still add up to a considerable sum each year. This is especially true for high-income taxpayers and married couples who are both paying Medicare premiums. However, a CPA may be able to help you deduct those premiums as a business expense….
Update on Health Savings Accounts (HSAs)
Health savings accounts (HSAs) are now more popular than ever. According to a recent survey, the number of HSAs has surpassed 21 million, and the accounts now hold about $42.7 billion in assets. Here’s a very tight summary of how the HSA works for you: Deduct the health insurance cost. To enable the HSA, your…