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Health Savings Accounts—A Tax Break Too Good to Pass Up

Oct. 8, 2020, 8:45 AM

“What’s the best tax deduction or tax break that you can claim on your taxes?”

I’ve been asked a variation on this question a lot in the past couple of weeks. Tax deductions—from haircuts to real estate taxes—have certainly been in the news.

Regrettably, I hedged on my answer a few times. As a tax attorney, I felt compelled to remind taxpayers that deductions are fact-and-circumstances dependent. What works for one taxpayer may not work for another taxpayer, and there’s no one-size-fits-all solution.

I stand by those statements. But if I could go back in time, I’d change my answer. ...