The calendar has rolled over to a new year, which means that tax season has officially started. Most ways for reducing your tax liability for the year that just ended have passed, but there are still a few strategies available to you that don’t expire until the tax filing deadline of April 15.
HSA’s provide unparalleled tax benefits to those who are eligible to contribute to them. They can also be a useful investment vehicle for covering the costs of health care now and in retirement.
Some retirement plans offer the option to take a loan against the account, which can be more advantageous than taking a withdrawal. However, there are some pitfalls to this strategy if you are not careful.