Contributions made to an ESA are not tax-deductible. However, all funds deposited in the account may grow tax-free thereafter. There are no taxes on withdrawals from the account as long as the money is used for appropriate educational expenses. ESA Qualifying Expenses Tuition and fees Travel ex...
Funds held in ahealth savings account (HSA)can be used to pay for certain medical premiums, including Medicare premiums and long-term care insurance premiums.11These are available withhigh-deductible health plans (HDHPs)and offer triple tax advantages: Deductible contributions Tax-deferred growth Tax...
Also, certain expenses are not 100% deductible if they are partially used for personal use. In those cases, you have to calculate and track the amount of business versus personal use, and only deduct the percentage ofbusinessuse. Keep in mind if your business is purchasing items for resale ...