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How much money will this save me on taxes? Is an HSA preferable to just deducting medical expenses on my income tax?

April 26, 2017deducting expenses HSA medical money preferable taxes

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How much money will this save me on taxes? Is an HSA preferable to just deducting medical expenses on my income tax?

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A. Most individuals save on taxes using HSAs because of the IRS limits on deducting medical expenses. How much will depend on your income bracket, any state taxes in your area, whether your state allows a deduction for HSA funds.