Are HSA Contributions Tax Deductible for Self-Employed?

Health Savings Accounts (HSAs) offer a valuable way to save for medical expenses while enjoying tax benefits. If you are self-employed, you may wonder whether HSA contributions are tax deductible. The answer is yes, HSA contributions are tax deductible for self-employed individuals.

Here's how it works:

• As a self-employed individual, you can contribute to an HSA and deduct those contributions from your taxable income on your federal tax return.
• For the tax year 2021, you can contribute up to $3,600 for individual coverage or up to $7,200 for family coverage to your HSA.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Contributions to your HSA are considered an
  

  Are you self-employed and considering ways to save on medical expenses? Health Savings Accounts (HSAs) not only provide a way to set aside funds for healthcare costs but also come with the added perk of being tax deductible. Yes, as a self-employed individual, you can deduct your HSA contributions from your taxable income, which effectively lowers your overall tax bill!