Tag: FSA
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Employees: Don’t Forget About Your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs A pre-tax contribution of $2,750 to a health FSA is permitted in both…
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If Your Kids Are Off to Day Camp, You May Be Eligible for a Tax Break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit,…
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Do you know the ABCs of HSAs, FSAs, and HRAs?
Uncertainty persists about how the Affordable Care Act will impact health care costs. Leveraging all tax-advantaged ways to fund these expenses – including HSAs, FSAs, and HRAs – is critical. Here’s how to make sense of this alphabet soup of health care accounts. HSAs If you’re covered by a qualified high-deductible health plan (HDHP), you…