A person doesn’t know how much he has to be thankful for until he has to pay taxes on it. ~Author Unknown
If you are paying too much in taxes there are two ways to get you in a lower tax bracket that will enable you to have more deductions or to have less taxable income.Tax Day 2012 is still a way off, but those with financial sense are making sure they contribute as much money as possible into their Individual Retirement Accounts for 2011.

What many don’t realize is their health plans could very well contain a fabulous savings vehicle, called a Health Savings Account, which they also could be funneling money into.

An HSA allows participants to make tax-deductible contributions for the purpose of saving for out-of-pocket health-care expenses. If the money is used for eligible health-care expenses, withdrawals are also tax-free. If used for other purposes, there is a 20% penalty on funds withdrawn until age 65, but the account can be treated like an IRA after that age. Employers offer HSAs only in conjunction with a high-deductible health-care plan, mostly as a means of helping participants pay for their routine health-care expenses that aren’t covered.

Pay Less Tax