Discover the powerful tax advantages of Health Savings Accounts (HSAs) with our in-depth guide! In this video, we delve into how HSAs offer unique benefits for managing healthcare costs while reducing your tax burden.
Join us as we explore the following key topics:
Understanding the triple tax advantages of HSAs: tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses
Eligibility criteria for opening and contributing to an HSA
Explaining the annual contribution limits and catch-up contributions for individuals age 55 and older
Strategies for maximizing tax savings with HSAs, including utilizing investment options and optimizing contributions
Comparing HSAs to other healthcare savings options, such as Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs)
Empower yourself with the knowledge to leverage the tax benefits of HSAs effectively and make informed decisions about your healthcare and financial well-being.
Subscribe now for more insightful content on personal finance, tax tips, and financial planning. Let's unlock the full potential of HSAs together!
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IRS Free File can help people who aren’t required to file find tax credits and get a refund
https://www.irs.gov/newsroom/irs-free-file-can-help-people-who-arent-required-to-file-find-tax-credits-and-get-a-refund
The IRS urges low- and moderate-income individuals and families, especially those who don't normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim benefits like the recovery rebate credit and Earned Income Tax Credit. Taxpayers who are not required to file should still consider doing so to get money they are due.
IRS Free File allows people to prepare their own federal tax return online, e-file and get a refund. All individuals have until May 17 to file a 2020 federal tax return or request an extension to Oct 15 to file their return, which can also be done using Free File.
Free File offers free access to brand-name tax software to anyone who makes $72,000 or less. There are nine Free File products in English and one in Spanish. In addition, MilTax, is available free through the Department of Defense. It offers a similar online tax preparation service to members of the military.
The Free File program provides low-and moderate-income families, individuals like students who are now on their own, people who are homeless and others a fast and easy way to claim valuable tax benefits. All anyone needs to use the software is access to a computer or a smartphone.
IRS Free File is a free way to claim the full amount of tax benefits, including the 2020 recovery rebate credit, and ensure that eligible people get their refund. People can visit IRS.gov for details about claiming the 2020 recovery rebate credit if they aren't required to file a tax return. They should look for a Free File product with "no minimum income," file electronically, and choose direct deposit to get their money quickly.
Free File is also a great way to get other tax benefits like the earned income tax credit and the additional child tax credit. Low- and moderate-income individuals and working families who don't normally file a return should consider filing to claim these credits. Historically, many of these families miss out on the earned income tax credit and additional child tax credit because they don't file. Under a special COVID-related rule, people who had reduced income or were laid off during part or all of 2020 often still qualify for these benefits. If they worked during 2019, they could choose to use their 2019 earned income to figure these credits if it was higher than their 2020 earned income. Some people will also be able to get advance payments of the child tax credit later this year. Those who qualify for advance payments just need to file a 2020 ta
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