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leads to the largest total deductions—and the lowest tax bill. But haven’t met your deductible, the funds in your HSA can be used
sometimes the choice isn’t so clear, so be prepared to do some to pay it off. Once your deductible is paid, your insurance plan will
figuring. Taking the standard deduction usually makes sense if kick in and cover any subsequent medical costs under your
you have a pretty simple financial life—a regular paycheck, a policy, but your HSA can still be used to pay for your co-pays and
rented apartment, and no large expenses, such as medical bills, any non-covered healthcare expenses.
moving expenses, or loss due to theft or catastrophe.
“Single people can contribute $3,000 to an HSA and families
“The other method of determining your
can contribute $5,950,” says Tyson. “That
allowable deductions is to itemize them on
means depending on your status you can
your tax return,” says Tyson. “The painstaking
Tax Year 2008 was challenging
reduce your taxable income by $3,000 or
procedure is definitely more of a hassle, but
for many Americans, and with
$5,950 in a given year. If you normally have
if you can tally up more than the standard April 15th just around the
your tax refund deposited into your IRA, but
deduction amounts, itemizing saves you corner, most folks aren’t
would like to deposit some of the money
money. Schedule A of your 1040 is the page
looking forward to the into your HSA, you can now choose to have
summing up your itemized deductions, but
drudgery of filing their
your refund split between as many as three
you won’t know whether you have enough
returns. Cheer up, says
accounts. It’s a great way to make the U.S.
itemized deductions unless you give this
bestselling author Eric Tyson:
tax system work for you.”
schedule a good examination.”
Craft a tax strategy to save
“In this down economy, no one wants to
Invest in your health: HSAs help you keep
more of your money.
send any more than necessary to Uncle
thousands of dollars away from Uncle Sam
Sam,” says Tyson. “But it’s not just a matter of
every year. Health Savings Accounts allow you to put away
the dollars you’ll save; it’s psychological. Doing what you can
money for a rainy day and reduce your taxes. If you are unfamiliar
during tax season to hold on to more of your money will help
with how HSAs work, here are the basics: An HSA savings
you manage some of the anxiety you’re feeling as you try to
account, which is paired with a high-deductible health plan,
make ends meet in 2009. Any small, money-saving step that
empowers you to save on a tax-free basis toward current or
helps you feel more in control is one worth taking.”
future unreimbursed medical expenses. If you get sick and
For more information see www.erictyson.com
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