Having an HSA can be quiet beneficial but there are some valuable tips on using HSA funds at age 65.
An HSA works like a savings account into which you deposit money on a tax-deductible basis for medical expenses. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. Once you reach 65, you can start using your HSA funds to pay for Medicare and other health care coverage.
Do you use your car for business purposes? There are always questions and changes regarding the IRS rules for automobile expenses, so take note. If you use an automobile for business, you may be able to receive a tax deduction to lower your income tax. Deducting auto expenses requires diligent record keeping and accurate calculations. There are two ways to calculate your auto deductions:
The Internal Revenue Service issued a consumer alert about possible fake charity scams emerging due to severe flooding this month in South Carolina and neighboring states."When making donations to assist flood victims in South Carolina and elsewhere, taxpayers should take steps to ensure their hard-earned money goes to legitimate and currently eligible charities,” said IRS Commissioner John Koskinen. “IRS.gov has the tools taxpayers need to check out the status of charitable organizations.”