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#546 Secrets To Supercharging Your Wealth With A HSA, FAST

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Manage episode 451018054 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen break down the incredible tax advantages of Health Savings Accounts (HSAs). Learn how to save big with tax-deductible contributions, tax-free growth, and withdrawals for medical expenses, plus tips on FSAs, HRAs, and the IRA-to-HSA rollover strategy.

Here are some of the highlights:

  • Mark and Mat emphasize the importance of deducting 100% of health insurance premiums for self-employed individuals and S corporations.
  • Reminder to use FSAs before the end of the year, including medical, co-pays, and dental expenses.
  • An in-depth discussion on the ability to invest HSA funds in various assets, such as crypto, real estate, and small businesses.
  • Explanation of the requirements for HSA qualifying plans, including high deductibles and out-of-pocket limits.
  • HSAs do not require earned income for contributions, unlike IRAs and 401(k)s.
  • Introduction to the HRA (Health Reimbursement Account) plan as an alternative for small business owners with high medical expenses.
  • A strategy learned from the community, allowing S corporation owners to reduce FICA liability by having the corporation pay for HSAs.
  continue reading

Chapters

1. Year-End Tax and Health Strategies (00:00:00)

2. Maximizing Benefits of HSA Accounts (00:11:19)

3. Maximizing HSA Contributions and Benefits (00:15:51)

4. HSA and HRA Strategies for Savings (00:27:24)

688 episodes

Artwork
iconShare
 
Manage episode 451018054 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen break down the incredible tax advantages of Health Savings Accounts (HSAs). Learn how to save big with tax-deductible contributions, tax-free growth, and withdrawals for medical expenses, plus tips on FSAs, HRAs, and the IRA-to-HSA rollover strategy.

Here are some of the highlights:

  • Mark and Mat emphasize the importance of deducting 100% of health insurance premiums for self-employed individuals and S corporations.
  • Reminder to use FSAs before the end of the year, including medical, co-pays, and dental expenses.
  • An in-depth discussion on the ability to invest HSA funds in various assets, such as crypto, real estate, and small businesses.
  • Explanation of the requirements for HSA qualifying plans, including high deductibles and out-of-pocket limits.
  • HSAs do not require earned income for contributions, unlike IRAs and 401(k)s.
  • Introduction to the HRA (Health Reimbursement Account) plan as an alternative for small business owners with high medical expenses.
  • A strategy learned from the community, allowing S corporation owners to reduce FICA liability by having the corporation pay for HSAs.
  continue reading

Chapters

1. Year-End Tax and Health Strategies (00:00:00)

2. Maximizing Benefits of HSA Accounts (00:11:19)

3. Maximizing HSA Contributions and Benefits (00:15:51)

4. HSA and HRA Strategies for Savings (00:27:24)

688 episodes

All episodes

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