The IRS has announced that Health Savings Account (HSA) contribution limits will rise in 2020 to $3,550 for individual plans and $7,100 for family plans (up from $3,500 and $7,000 respectively for 2019). There is no change to the allowable $1,000 annual catch-up limit for those age 55 or older. Additionally, the IRS has raised the deductible requirements for a health insurance plan to qualify as a HDHP (High Deductible Health Plan) making it HSA eligible in a given year….
Stacking Charitable Contributions and Medical Expenses to Reduce Taxes
The Tax Cuts and Jobs Act of 2017 which went into effect 2018 is probably best known for lowering the marginal federal tax rates on earned income. What is less talked about are several other changes included in this legislation that could have a significant impact on the way Americans utilize Itemized Deductions. By making multiple years of charitable contributions or planning several medical procedures in a single calendar year (stacking), some households may be able to increase their Itemized…