8. You Took Advantage of Health Savings Account (HSA) Contributions
Health Savings Accounts (HSAs) are another tool that can reduce your taxable income. Contributions to an HSA are tax-deductible, and the money grows tax-free if used for qualifying medical expenses. Contributing to an HSA in 2025 could minimize your overall tax liability and increase your refund.
What to Do: If you are eligible for a Health Savings Account (HSA), consider contributing the maximum allowed amount to reduce your taxable income.
Action Needed: Check with your health insurance provider to ensure you are enrolled in a high-deductible health plan (HDHP) that qualifies for HSA contributions, and make your contributions before the deadline.
Top 5 Tax Breaks for 50+: Take Full Benefits Of Tax-Saving Opportunities in the USA
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