Main Street Business

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.

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