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Live Updates: Trump says Iran war will still take weeks, oil prices rise with no plan to open Strait of Hormuz CBS NewsU.S. bombs Iran's civilian infrastructure for first time after "Stone Ages" threat AxiosTehran's 'Hit-List' Of 8 Gulf Bridges After US Destroys The Biggest In Iran NDTVTrump warns Tehran ‘more to follow' after strike destroys Iran's largest bridge The Guardian
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Trump threatens to strike Iran's bridges and electric power plants ReutersOpinion | An Ominous U.S. Threat Against Iran The New York TimesTrump threatens to "obliterate" Iran's energy and water infrastructure AxiosUS Vows to Target More Iranian Infrastructure as Nations Seek to Open Hormuz U.S. News & World Report
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Live updates: Oil surges and stocks fall as Trump Iran war speech fails to calm nerves cnn.comIran War Live Updates: Trump Speech Rattles Markets, Macron Criticizes Shifting U.S. Goals The New York TimesUS Futures Drop as Trump Speech Dashes Hope for War's Early End Bloomberg.comMarkets are volatile after Trump's lack of clear exit plan cnn.comMorning Bid: Prime-time disappointment Reuters
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Too many young professionals are leaving Uncle Sam an enormous tax gratuity. How are they doing this? By not taking full advantage of the triple tax benefits of a health savings account. I've yet to meet anyone who wants to pay more taxes. Many do not mind paying their fair share, but they do not want to leave a tip.
SEE MORE ‘I Can't Retire - I Need Health Insurance'
An early to mid-career professional with a high-deductible health plan (HDHP) could be missing out on six figures of lifetime tax savings. With open enrollment for health insurance around the corner, it's time to understand and utilize the benefits of your HSA.
What Qualifies as a High-Deductible Plan?
For 2023 a high-deductible health plan is defined by the IRS as one with a deductible not less than $1,500 for self-only coverage or $3,000 for family coverage, and for which the annual out-of-pocket expenses do not exceed $7,500 for self-only coverage or $15,000 for family coverage. Healthy young professionals are prime candidates for an HDHP. That is because many of them need minimal medical care; they visit the doctor annually and have no or few drug prescriptions.
Because their medical expenses are low, money contributed to a health savings account can be used to generate significant tax savings while also building a large health care nest egg.
What Are the Triple Tax Benefits of HSAs?
Contributing to a health savings account provides a triple tax benefit:
First, anyone who
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