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Health Spending Account (HSA)

Depending on your specific medical needs, you may want to consider a health spending account for you and your employees so that you can write off medical expenses in your company and save $$. Personal medical expenses will then become a 100% tax write off to the company which will result in huge tax savings for you as you won’t need to use your personal after-tax dollars to pay for your medical expenses. 

Example: Joe earns $60,000 per year and writes off $2,000 in medical expenses on his personal tax return. This will result in a maximum tax savings of $50 or less, leaving him approximately $1,950 out of pocket, with the tax savings decreasing as his personal income increases. Joe then decides to put his personal medical expenses through an HSA in his company. His company pays for $2,000 in medical expenses which results in $220 in savings to the company and another $610 in personal tax savings as he doesn’t need to claim the $2,000 that he would have taken out of the company to use for his medical expenses as income on his personal return, for a total savings of $830, and only $1,170 compared with $1,950 out of pocket for his medical expenses. 

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