IRS Releases 2021 Health Savings Account Contribution Limits

Published: 5/26/2020 9:37:42 AM

Health Savings Account Contribution Limits for 2021 The IRS recently released the inflation adjusted Health Savings Account (HSA) contribution limits for 2021. HSAs allow eligible individuals to make deductible contributions that can be withdrawn tax-free for reimbursement of eligible medical expenses. For 2021, the limitation on HSA deductions is $3,600 (up from $3,550 for 2020) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $7,200 (up from $7,100 for 2020) for family coverage. An HDHP is defined under IRC Sec. 223(c) as a health plan with an annual deductible not less than $1,400 for self-only coverage or $2,800 (same as 2020) for

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The Basics of Health Savings Accounts

Published: 11/18/2018 3:01:51 PM

The Basics of Health Savings Accounts While we generally cover information in this blog primarily related to payroll and HR matters, we have chosen to post on Health Savings Accounts (HSAs). The basics of HSAs are covered here to lay the ground work for structuring HSAs for S corporation owners to take advantage of tax savings. We’ll cover this topic in a later post. Healthcare and education costs have been among the fastest rising costs to Americans over the past several years. Individually there’s not a lot that we can do to affect these costs, but there are a few

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Employee Leasing

Published: 11/10/2018 5:12:41 PM

What is Employee Leasing? You may have heard of companies that lease employees and wondered what it means to lease employees and why a company would want to lease employees. This is a quick overview to help you understand the basics of employee leasing. Leased employees are workers provided by an employee leasing firm often referred to as PEOs (Professional Employer Organizations) to a business. Companies sometimes choose to lease all of their employees or specific groups of employees (i.e. employees at a specific location or perhaps employees in a specific department). Think of it as a temporary employment arrangement

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