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Use pretax money to pay for medical expenses with health savings accounts!


By harrisjensen - Posted on 03 June 2011

Health club membership is a legitimate tax write off, perhaps

IRS rules for Health Savings Accounts are here!

Health Savings Accounts allow you to use pretax money to pay for some medical expenses...just follow the rules from the IRS and your accountant!

by Harris Jensen, MD

Editor, Good Day Journal

Health Savings Accounts are great, but I'm no accountant.  There are rules on how to work with these things.  I'm told with a doctor's note, that a patient can ask for, you can start using the pretax money in an HSA to pay for health club membership if that is what the doctor says is needed for weight loss.  But don't believe me, check with your accountant!

Check with the banker you open your HSA with.  The HSA allows you to deposit money that isn't taxed on, you don't pay income tax to the federal government on the money you put in the HSA.  Isn't that great!

Here is information from the IRS web site on HSA rules.  There is much more to know, so just talk to your accountant and banker.

http://www.irs.gov/irs/article/0,,id=227301,00.html

Don't rely on me to make any of your financial or tax decisions!

HJ