Distributions from health savings accounts (HSAs) to pay qualified medical expenses are not taxable. These accounts must be combined with a high-deductible health plan (HDHP). The question has been: Can an HDHP pay for preventive care without a deductible? The answer is yes, and now the IRS has added 14 new preventive care items to the list of qualified medical expenses that can be reimbursed by an HDHP (Notice 2019-45). These items are all for preventive care and are qualified expenses only if the individual has been diagnosed with a particular disease or condition. Preventive care items include:
The notice is effective as of July 17, 2019.
Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.