{"id":3250,"date":"2023-04-28T11:21:11","date_gmt":"2023-04-28T15:21:11","guid":{"rendered":"https:\/\/www.alphafa.com\/?p=3250"},"modified":"2023-04-28T11:21:11","modified_gmt":"2023-04-28T15:21:11","slug":"tax-moves-to-prepare-for-recession","status":"publish","type":"post","link":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/","title":{"rendered":"Tax Moves to Make to Help Prepare for a Recession"},"content":{"rendered":"<header class=\"entry-header\">\n<h1 class=\"entry-title\"><span style=\"font-size: 16px;\">March 10, 2023<\/span><\/h1>\n<\/header>\n<div class=\"entry-content content\">\n<h2>USA Today<br \/>\nby Kerri Anne Renzulli and Taylor Tepper<\/h2>\n<p><strong>Ann Reilley <\/strong>of Alpha Financial Advisors contributed to this article that appeared on USA Today. To read the article, please go to: <a href=\"https:\/\/www.usatoday.com\/money\/blueprint\/taxes\/tax-moves-recession\/\">https:\/\/www.usatoday.com\/money\/blueprint\/taxes\/tax-moves-recession\/\u00a0 \u00a0\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Below is an excerpt from the article:<\/p>\n<h2>Contribute to an HSA<\/h2>\n<p>If you\u2019re enrolled in a high-deductible health plan, open and contribute to a\u00a0<a href=\"https:\/\/www.usatoday.com\/money\/blueprint\/health-insurance\/health-savings-account-rules\/\">health savings account (HSA)<\/a>. These special accounts let you lock away money for medical expenses while enjoying three distinct tax benefits:<\/p>\n<ul>\n<li>Contributions reduce your taxable income.<\/li>\n<li>Any investment earnings grow tax-free.<\/li>\n<li>Withdrawals used for qualified health-care expenses go untaxed.<\/li>\n<\/ul>\n<p>But the reason you\u2019d want to fund a HSA before a possible recession and amid job loss fears comes from its possible transformation into a secondary emergency fund of sorts.<\/p>\n<p>As long as you have an unreimbursed past healthcare expense, you can withdraw an amount equal to that bill at any time from your HSA and then use that cash for any purpose.<\/p>\n<p>To do this without triggering a 20% tax penalty or income tax, the HSA needs to be set up prior to incurring the medical cost and can\u2019t have been tapped to cover that bill already.<\/p>\n<p>\u201cThere are no statute of limitations, so hold onto your receipts and withdraw that money to reimburse yourself whenever,\u201d said Ann Reilley, chief executive of Alpha Financial Advisors in Charlotte.<\/p>\n<p>For 2023, you can save up to $3,850 if you have self-only coverage, or $7,750 if you have family coverage. Those age 55 or older can stash an extra $1,000.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>March 10, 2023 USA Today by Kerri Anne Renzulli and Taylor Tepper Ann Reilley of Alpha Financial Advisors contributed to this article that appeared on USA Today. To read the article, please go to: https:\/\/www.usatoday.com\/money\/blueprint\/taxes\/tax-moves-recession\/\u00a0 \u00a0\u00a0 &nbsp; Below is an excerpt from the article: Contribute to an HSA If you\u2019re enrolled in a high-deductible health plan, open and contribute to &#8230; <\/p>\n<div><a href=\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":5,"featured_media":3251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[64,63,85],"tags":[88,87,86],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Moves to Prepare for a Recession<\/title>\n<meta name=\"description\" content=\"Ann Reilley appears in USA Today on investing in a Health Savings Account to help prepare for a recession. Tax Moves to Make to Help Prepare for a Recession\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Moves to Prepare for a Recession\" \/>\n<meta property=\"og:description\" content=\"Ann Reilley appears in USA Today on investing in a Health Savings Account to help prepare for a recession. Tax Moves to Make to Help Prepare for a Recession\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\" \/>\n<meta property=\"og:site_name\" content=\"Alpha Financial Advisors | Charlotte, NC\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-28T15:21:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.alphafa.com\/wp-content\/uploads\/2023\/04\/GettyImages-1434444157-e1677567841458-USA-today-article.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Megan Lokitis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Megan Lokitis\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\"},\"author\":{\"name\":\"Megan Lokitis\",\"@id\":\"https:\/\/www.alphafa.com\/#\/schema\/person\/fa30e64c3c6eb1504f32e473de5c02b6\"},\"headline\":\"Tax Moves to Make to Help Prepare for a Recession\",\"datePublished\":\"2023-04-28T15:21:11+00:00\",\"dateModified\":\"2023-04-28T15:21:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\"},\"wordCount\":270,\"publisher\":{\"@id\":\"https:\/\/www.alphafa.com\/#organization\"},\"keywords\":[\"HSA\",\"Tax\",\"USA Today\"],\"articleSection\":[\"Financial Planning\",\"Investment Management\",\"Tax Planning\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\",\"url\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\",\"name\":\"Tax Moves to Prepare for a Recession\",\"isPartOf\":{\"@id\":\"https:\/\/www.alphafa.com\/#website\"},\"datePublished\":\"2023-04-28T15:21:11+00:00\",\"dateModified\":\"2023-04-28T15:21:11+00:00\",\"description\":\"Ann Reilley appears in USA Today on investing in a Health Savings Account to help prepare for a recession. Tax Moves to Make to Help Prepare for a Recession\",\"breadcrumb\":{\"@id\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.alphafa.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tax Moves to Make to Help Prepare for a Recession\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.alphafa.com\/#website\",\"url\":\"https:\/\/www.alphafa.com\/\",\"name\":\"Alpha Financial Advisors | Charlotte, NC\",\"description\":\"Wealth Management and Financial Advisor in the Ballantyne Area\",\"publisher\":{\"@id\":\"https:\/\/www.alphafa.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.alphafa.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.alphafa.com\/#organization\",\"name\":\"Alpha Financial Advisors\",\"url\":\"https:\/\/www.alphafa.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.alphafa.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.alphafa.com\/wp-content\/uploads\/2015\/04\/Alpha-Financial-Advisors-Charlotte-NC.png\",\"contentUrl\":\"https:\/\/www.alphafa.com\/wp-content\/uploads\/2015\/04\/Alpha-Financial-Advisors-Charlotte-NC.png\",\"width\":700,\"height\":176,\"caption\":\"Alpha Financial Advisors\"},\"image\":{\"@id\":\"https:\/\/www.alphafa.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.alphafa.com\/#\/schema\/person\/fa30e64c3c6eb1504f32e473de5c02b6\",\"name\":\"Megan Lokitis\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.alphafa.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/43606dfe6bd635d1f26dae095336d475?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/43606dfe6bd635d1f26dae095336d475?s=96&d=mm&r=g\",\"caption\":\"Megan Lokitis\"},\"url\":\"https:\/\/www.alphafa.com\/author\/meganlokitis\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tax Moves to Prepare for a Recession","description":"Ann Reilley appears in USA Today on investing in a Health Savings Account to help prepare for a recession. Tax Moves to Make to Help Prepare for a Recession","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/","og_locale":"en_US","og_type":"article","og_title":"Tax Moves to Prepare for a Recession","og_description":"Ann Reilley appears in USA Today on investing in a Health Savings Account to help prepare for a recession. Tax Moves to Make to Help Prepare for a Recession","og_url":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/","og_site_name":"Alpha Financial Advisors | Charlotte, NC","article_published_time":"2023-04-28T15:21:11+00:00","og_image":[{"width":700,"height":393,"url":"https:\/\/www.alphafa.com\/wp-content\/uploads\/2023\/04\/GettyImages-1434444157-e1677567841458-USA-today-article.webp","type":"image\/webp"}],"author":"Megan Lokitis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Megan Lokitis","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/#article","isPartOf":{"@id":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/"},"author":{"name":"Megan Lokitis","@id":"https:\/\/www.alphafa.com\/#\/schema\/person\/fa30e64c3c6eb1504f32e473de5c02b6"},"headline":"Tax Moves to Make to Help Prepare for a Recession","datePublished":"2023-04-28T15:21:11+00:00","dateModified":"2023-04-28T15:21:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/"},"wordCount":270,"publisher":{"@id":"https:\/\/www.alphafa.com\/#organization"},"keywords":["HSA","Tax","USA Today"],"articleSection":["Financial Planning","Investment Management","Tax Planning"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/","url":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/","name":"Tax Moves to Prepare for a Recession","isPartOf":{"@id":"https:\/\/www.alphafa.com\/#website"},"datePublished":"2023-04-28T15:21:11+00:00","dateModified":"2023-04-28T15:21:11+00:00","description":"Ann Reilley appears in USA Today on investing in a Health Savings Account to help prepare for a recession. Tax Moves to Make to Help Prepare for a Recession","breadcrumb":{"@id":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.alphafa.com\/tax-moves-to-prepare-for-recession\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.alphafa.com\/"},{"@type":"ListItem","position":2,"name":"Tax Moves to Make to Help Prepare for a Recession"}]},{"@type":"WebSite","@id":"https:\/\/www.alphafa.com\/#website","url":"https:\/\/www.alphafa.com\/","name":"Alpha Financial Advisors | Charlotte, NC","description":"Wealth Management and Financial Advisor in the Ballantyne Area","publisher":{"@id":"https:\/\/www.alphafa.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.alphafa.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.alphafa.com\/#organization","name":"Alpha Financial Advisors","url":"https:\/\/www.alphafa.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.alphafa.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.alphafa.com\/wp-content\/uploads\/2015\/04\/Alpha-Financial-Advisors-Charlotte-NC.png","contentUrl":"https:\/\/www.alphafa.com\/wp-content\/uploads\/2015\/04\/Alpha-Financial-Advisors-Charlotte-NC.png","width":700,"height":176,"caption":"Alpha Financial Advisors"},"image":{"@id":"https:\/\/www.alphafa.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.alphafa.com\/#\/schema\/person\/fa30e64c3c6eb1504f32e473de5c02b6","name":"Megan Lokitis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.alphafa.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/43606dfe6bd635d1f26dae095336d475?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/43606dfe6bd635d1f26dae095336d475?s=96&d=mm&r=g","caption":"Megan Lokitis"},"url":"https:\/\/www.alphafa.com\/author\/meganlokitis\/"}]}},"_links":{"self":[{"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/posts\/3250"}],"collection":[{"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/comments?post=3250"}],"version-history":[{"count":1,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/posts\/3250\/revisions"}],"predecessor-version":[{"id":3252,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/posts\/3250\/revisions\/3252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/media\/3251"}],"wp:attachment":[{"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/media?parent=3250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/categories?post=3250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphafa.com\/wp-json\/wp\/v2\/tags?post=3250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}