Business Consultants
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General Information
Locality: Scotts Valley, California
Phone: +1 831-438-4756
Address: 5619 Scotts Valley Dr Ste 220 95066 Scotts Valley, CA, US
Website: www.bctax.org/
Likes: 58
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DID YOU KNOW? Employees who have a high-deductible health plan through their employer can open a health savings account (HSA) and make annually inflation-adjusted pre-tax contributions, which, for 2019, can be up to $7,000 for families and $3,500 for a single individual. When distributions are made for medical expenses, the money comes out tax-free. However, distributions not used to pay qualified medical expenses are taxable, and if the plan’s owner is under the age of 65, nonqualified distributions are subject to a 20% penalty. Some individuals let the account grow and treat it as a supplemental retirement plan, waiting until after age 65 to begin taking taxable but penalty-free distributions.
http://www.bctax.org/ Click here to find out what services we have to offer, upload your tax documents securely, learn about various tax topics, and so much more!
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