Law Articles And Legal Issues

IRS Raises Heath Savings Account Contribution Limits

Fort Collins, CO (PRWEB) June 12, 2008 -- The IRS and Department of Treasury have elevated the ceiling for contributions to tax-deductible health savings accounts.

By increasing maximum HSA contributions for 2009, the IRS and Department of Treasury has made it more attractive for individuals and employers to consider health savings accounts (HSA) when looking at health insurance options. Money contributed to an HSA is tax-deductible, and can be used to pay qualified medical expenses tax-free.

The contribution limit has been raised to $3000 for individuals and $5950 for families. This is up from 2008 limits of $2800 for individuals, and $5800 for families. Individuals who are 55 or older are also allowed to make up to an additional $1,000 a year in "catch up" contributions.

America's Health Insurance Plans (AHIP) data shows that enrollment in high-deductible health plans eligible to be tied with health savings accounts grew to 6.1 million in 2007, growing fastest in the small group market. According to Wiley Long, president of HSA for America, "The higher contribution limits make HSAs an even better value than before, which will no doubt just accelerrate the movement towards these types of plans. Not only are HSA-qualified health insurance plans less expensive, but the tax-deduction really makes them a no-brainer, particularly for people who are paying for some or all of their own health insurance costs."

HSAs are similar to Individual Retirement Accounts (IRAs). The account is owned by the individual HSA holder, it is portable and is not dependent on continued employment with a particular employer, and money in the account grows tax-deferred. The big advantage over an IRA is that only with an HSA can money can be withdrawn from the account tax-free to pay for qualified medical expenses.

"Most of our customers keep enough of their HSA money to cover their deductible in an easily accessible savings account. As their savings grow, they'll usually invest additional HSA funds in mutual funds or other investments with larger growth potential", said Long.

Individuals have until December 1 to obtain a qualifying high-deductible health plan in 2008 if they wish to take the deduction on 2008 taxes. Contributions can be made as late as April 15th.

The recent HSA contribution increases announced by the Internal Revenue Service means that policy holders can get an even larger tax deduction when maximizing their HSA contribution. This change will make these plans even more attractive as millions of people continue to transition from conventional co-pay health insurance plans, to high deductible HSA-qualified plans.

HSA for America is one of the leading providers of health savings accounts, health reimbursement accounts, and related information for employees and small business owners across America. HSA accounts are an effective way of saving money on healthcare costs and taxes and have an investment module at the very same time. Learn more about Health Savings Accounts at our free weekly teleseminar which you can sign up for at: http://www.health--savings--accounts.com/teleseminar.htm

###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Other Law Sites
Search The Internet For Other Law Sites

Law Books
Search For Law Books At FindaBook.com

Los Angeles Divorce Attorneys, The Family Law Company, Opens a New Office in Beverly Hills
Los Angeles family law attorney and founder of The Family Law Company Pamela Wright opens a new office in Beverly Hills. The Family Law Company offers high-quality legal services at affordable rates for divorce, paternity, child custody and child support actions because justice doesn't have to cost a fortune.

Tax Attorney Web Site Warns of Upcoming Tax Laws in 2008
TaxAttorneyHelp.com, an online network of tax attorneys, is preparing to assist taxpayers with new laws in the coming year.

Lemon Law Attorney, Dana Lynn Tarquini, Featured at Lemon Law Administrators Conference
Ms. Tarquini, one of the country's most prominent lemon law attorneys, participated in panel discussion at the 10th anniversary lemon law administrators conference in Atlantic City.

Tax Attorney Site Answering More Questions on New Tax Laws
TaxAttornyHelp.com, an online tax law attorney service provider, has answers to questions on new tax laws that affect filers in 2008.

Divorce Lawyer Says Families Do Not Belong In The Court Of Law
Fresno divorce attorney Erin Rhames-Childs says that the court of law is no place to divorce. The courts are overworked and understaffed - leading to poor legal decisions that are not in the best interests of those involved. Collaborative divorce is a way for couples to divorce while maintaining their dignity, making decisions that truly are in the best interests of their children and preserving their finances. Collaborative divorce is quicker, cheaper, and better for maintaining functional relationships for after the divorce is over.

Kirsten Branigan Joins McDonald Law Group, LLC Adding Depth in Employment Law
Kirsten Branigan and Nancy McDonald join forces with a shared passion--advocating for advancement of women in the practice of law.

Legal Resource Local-Attorneys Expands to Include Divorce Law
Local legal resource website Local-Attorneys has announced that it is expanding to cater to divorce law specialists and visitors in need of advice. Web users will be able to browse local law firms who specialize in every sort of legal vertical. Find the best advice and attorneys in the industry.

Tax Attorney Roni Deutch Analyzes Proposed Tax Laws in New Featured Blog
After nearly seven months of blogging, tax attorney Roni Deutch has posted a new featured blog analyzing the causes and possible outcomes of a new proposal that is being backed by the Internal Revenue Service. The proposal is part of President Bush's 2008 budget, and attempts to lower the gap in what taxpayers pay and what they should pay in taxes, by requiring many Internet companies to collect personal data from their users.

Central Florida Family Law Lawyers Appel & Gaines Offers Creative and Collaborative Divorce Solutions
The lawyers at Appel & Gaines, LLP experience first hand their client's struggles with the emotionally challenging, destructive and costly process of divorce in Florida. Therefore, their attorneys frequently suggest to clients that they initiate a "collaborative" approach to resolving their family law issues.

Understanding The Law...Criminal Law
The following Q&A's have been provided to help you better understand Criminal Law.

Legal Services of Labor Law Attorneys
Labor law attorneys deal with a broad range of labor issues mainly related to how employers treat employees, former employees and applicants for employment. This includes all the areas of the employer-employee relationship, negotiations, and the collective bargaining agreement.

Elizabeth A. Kreitzer, Certified Family Law Specialist, Joins Klinedinst Family Law Group
The California-based law firm of Klinedinst PC has added Elizabeth A. Kreitzer, Certified Family Law Specialist, to its expanding Family Law practice group. Ms. Kreitzer's addition, combined with the strength of the firm's existing litigation teams, will help ensure that every client receives sophisticated, professional and compassionate representation, Ms. Kreitzer is the recipient of the Michael C. Shea Chair in 2005, and adds a wealth of family law knowledge to the department. She is experienced in working with sophisticated clients handle complex family law issues, including divorce, paternity and custody disputes, prenuptial agreements, adoption proceedings, and other family law matters.

New Legal Guide to Divorce by Family Law Expert
A brand new legal guide to divorce, "Divorce and Separation Today", has been newly published by DragonCub. Far more useful than the average divorce guide, it delves into how the divorce courts operate as well as providing practical and sensible advice on emotional and other sensitive areas. It is an essential guide for anyone considering or going through divorce.

Copyright Infringement Cases Can Teach Us To Obey Copyright Laws
Copyright infringement cases can be both costly and time consuming. Considering copyright infringement is something that isn?t as easily defined as theft or speeding, there are numerous copyright infringement cases changing the way copyright law is viewed in the U.S. By reviewing a few of these copyright infringement cases, you can get a better idea of what is, and what is not, acceptable use of copyrighted works.