IRS Announces 2022 Health Savings Account (HSA) Limits

The IRS announced the 2022 medical mileage rate for taxpayers who deduct the cost of operating a vehicle for business, charitable, medical, or moving expense purposes when filing their taxes. The new rate is $.18 per mile, which is an increase from the 2021 rate of $.16. You can read the full text of this IRS...

When it comes to tax-advantaged spending accounts, the eligibility rules can be a source of confusion for employees. If an employer offers an HSA-qualified high-deductible health plan (HDHP), employees should review their health coverage to understand how it impacts their HSA eligibility.  Here’s a common question that comes up during open enrollment about HSA eligibility. ...

With the end of the year quickly approaching, we want to provide an update regarding pandemic-related relief provisions for flexible spending accounts (FSA) and dependent care accounts (DCA).  Several pieces of legislation were signed into law over the past 18 months to help American families manage healthcare costs during the pandemic. This temporarily included:  Raising...