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The New Health Savings Account The President recently signed legislation authorizing Health Savings Accounts (HSAs), which are targeted mainly at self-employees, small business owners, and employees of small to medium size firms. It is important to understand that, while this new tax break was included in the recent Medicare Act, you don't have to be a senior citizen to benefit.   Qualified Tuition Programs It seems that with each passing year, the cost of a college education continues to climb at an alarming rate. Meanwhile, parental concern about how to pay for that college education also continues to increase. A qualified tuition program (QTP), often referred to as a Section 529 plan, may be a welcome source of relief to many nervous parents and students as well.   Benefiting from the 50% Bonus Depreciation The Jobs and Growth Tax Relief and Reconciliation Act of 2003 increased the bonus depreciation rate from 30% to 50% of the adjusted basis of qualified property. The bonus depreciation is determined without any pro-ration based on when during the tax year the property was placed in service. So, even property placed in service on the last day of the tax year is eligible for the full 50% bonus depreciation amount.