If you read this blog frequently, you might notice from time to time, we might cover a subject more than once. Since this is a really important topic when it comes to Health Savings Accounts it bears repeating.

If you are anything like me, ‘tis the season for receiving all kinds of tax forms and information in the mail, which is a rather annoying reminder that tax season is rapidly approaching. Ungh.

But if you set your HSA up, prior to December 31 of 2009, there is a bit of good news for you from a tax perspective. You can still make up to your maximum contribution for 2009 and still take the tax deduction off of your 2009 income taxes. That’s right, even if you fell asleep at the wheel, or if holiday shopping put a pinch on you, or you are still in a food coma from too much feasting, you can take advantage of the tax deductibility of Health Savings Accounts. If you’ve forgotten what the max contribution is, it’s $3,000 for individuals and $5950 for families for 2009.

Every $ that you contribute to your HSA that is not contributed pre-tax, is fully deductible from your annual income. So for example if you are single and made $30,000 last year and were able to contribute $3,000 to your HSA before April 15, 2010 you would in effect reduce your taxable income to $27,000 for your 2009 tax preparations.

It is not too late. Scrape up what you can and stick it into your Health Savings Account. Not only will you get the tax deduction, but you will be building up your reserve for future health care expenses.