JB Financial LLC

Health Savings Accounts - Did You Know?

Changing jobs? If you have a health savings account (HSA), you can take it with you. Unlike flexible spending accounts (FSAs), which are usually tied to your employer, your HSA belongs to you. You can continue using your HSA funds after leaving the job where you opened the account. However, you may make new HSA contributions only if you remain eligible to contribute. To remain eligible, you generally must be covered by an HSA-eligible high-deductible health plan (HDHP) and have no disqualifying coverage.

Avoiding Costly Tax Problems - Did You Know?

As the April 15 federal tax filing deadline approaches, some people may find themselves unable to pay the full amount of tax they owe. In that circumstance, it is important to pay as much as possible by the deadline, as doing so will help keep IRS penalties and interest charges to a minimum. For any remaining balance, many people may qualify to set up a monthly payment plan that fits within their budgets. Typically, interest fees will accumulate over the course of an installment plan, but the balance owed will not spiral upward, and penalties will not escalate as long as monthly payments are made on time.

During the weeks and months after they file, some people may receive an IRS notice in the mail. The notice may request payment, especially if an installment plan has not been established. In other cases, IRS letters ask for additional information like the basis for a deduction amount, or require action to correct a filing mistake like omitting a form. A tax professional can help you properly respond to an IRS notice if you receive one, or help you set up a manageable payment plan if you cannot pay your tax balance in full.