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Trump Threatens Canada With Tariffs as Post-Davos Fallout Continues The New York TimesTrump threatens Canada with 100% tariffs over China trade deal BBCTrump threatens Canada with 100% tariff over trade deal with China USA TodayTrump threatens new 100% tariffs on Canada over possible trade deal with China CNNTrump threatens 100%
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Sprawling US Winter Storm Strains Power Grids, Snarls Travel BloombergFrigid weather stresses US electric grid ReutersJan. 23 Update: PJM Issues Precautionary Alerts Ahead of Expected Cold Spell PJM Inside LinesHere are the make or break times for power for the winter storm AxiosMISO Enters Max Gen Emergency in Arctic Blast RTO Insider
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China's Xi Places His Top General Under Investigation as Military Purges Heat Up The Wall Street JournalXi's Purge of China's Military Brings Its Top General Down The New York TimesChina places highest-ranking general under investigation BBCWhat Xi Jinping's purge of China's most senior general reveals The EconomistXi takes sole operational control of army as China probes military leaders Financial Times
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Pepper-Sprayed While Pinned Down: A Searing Scene Provokes Outrage The New York TimesKARE's Jana Shortal says she was pushed and pepper-sprayed by federal agents bringmethenews.comImmigration Enforcement Minnesota wvnews.comMinneapolis man gets sprayed in face by ICE agent waaytv.comOutrage After Video Captures ICE Pepper-Spraying Protester Directly In The Face While He
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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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