Knowledge is protection when the IRS is involved. I'm Darrin Mish, a tax attorney in Tampa with 32 years of experience representing taxpayers nationwide. Here's what I want you to understand.
Most people find it difficult to say no to a gift, especially if it’s coming from the IRS.
That’s because most people associate the IRS with taking, and not giving. As a result, many people fail to properly take advantage of their health savings account.
A health savings account (HAS) can be a great way to set aside money without being unduly taxed. The government even offers some great incentives for people to participate in such programs.
For an individual to enroll in an HAS, they must first be enrolled in a high-deductible health insurance plan. Many of these insurance plans have a tax-free nature. The vast majority of funds held in HASs are funneled into debit and cash accounts, which means the funds aren’t fully being invested.
Perhaps the biggest reason for this is that people simply aren’t aware of the many tools and opportunities to invest wisely.
It goes without saying that it pays big dividends to stay well-informed in these matters. It’s always a good move to locate and find that experts who are skilled and knowledgeable in these areas.
With respect to taxes, a qualified expert can be a person’s best bet.
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