FSA
Maximize Your 2024 FSA Benefits – How to Spend Wisely Before Year-End
With rising costs in essentials like groceries, utilities, and daily living expenses, families are feeling the pinch on their budgets. As inflation continues to impact household finances, many are looking to Flexible Spending Accounts (FSAs) as a strategic way to stretch their dollars. FSAs allow individuals to set aside pre-tax income specifically for healthcare expenses, reducing taxable income while covering essential medical costs. This means families can save money by using tax-free funds to pay for eligible expenses, freeing up more of their earnings for other needs.
Maximizing FSA Dollars… Continue reading
Inflation and FSA Adjustments
The main purpose and benefit of contributing and using an FSA are that any contributions made are pre-tax dollars. However, any qualified medical expenses paid for using the FSA are tax-free dollars. So you effectively pay no taxes on those expenses, by reducing your taxable income.
Flexible Spending Accounts (FSAs), can help you to spend less on your health care while experiencing the maximum tax benefit. However, you must use monies within the current calendar year to reap the rewards. By spending all of the money in your account before… Continue reading
Do You Know Your FSA Balance?
It’s that time of year. Have you checked the balance in your Flexible Spending Accounts (FSA’s)? This pretax medical deduction can help you to spend less on your health care while experiencing the maximum tax benefit. There is a catch – you must use monies within the current calendar year to reap the rewards. By spending all of the money in your account before the year-end deadline, you ensure you are getting the most benefit from your hard-earned dollars.
FSA’s allow you to set money aside pre-tax from each paycheck… Continue reading
DO YOU KNOW YOUR FLEXIBLE SPENDING ACCOUNT (FSA) NUMBERS?
White paper with text FSA with dollars on the calculator with pen
If you haven’t checked your FSA balance recently, now may be the time to check your account. In 2018, the IRS raised the contribution limit from $2,600 in 2017 to $2,650 for 2018. FSAs are pretax monies that can save an employee up approximately 30% on their out of pocket medical expenses. Employees may use their FSA funds to cover certain qualified medical expenses that their employer’s plan does not cover, such as co-pays and deductibles. Other… Continue reading
BALANCE CHECK ON FLEXIBLE SPENDING ACCOUNT BENEFITS
It’s that time of year. Have you checked the balance in your Flexible Spending Accounts (FSAs)? This pretax medical deduction can help you to spend less on your health care while experiencing the maximum tax benefit. There is a catch-you must use monies within the current calendar year to reap the rewards. By spending all of the money in your account before the year-end deadline, you ensure you are getting the most bang for your buck.
FSAs are pre-tax monies that are placed in an account and are available for… Continue reading
HAVE YOU SPENT DOWN YOUR FLEXIBLE SPENDING ACCOUNT?
Perhaps you over budgeted for this year’s Flexible Spending Account (FSA) and coming to the end of the year have too much left in the account. Are you taking steps to use up those monies? Depending on your employer and the type of plan you have, left over monies may or may not be eligible to carry over into 2015. So now is the time to act.
Confused on how and what an FSA is? A Flexible Spending Account (FSA) is a tax-favored program offered by employers that allows their… Continue reading