The tax filing deadline is just days away so I thought this was a good time to touch on one of the most overlooked tools in saving taxes on your hard earned money. My news feed is full of tips and articles on how to save on your taxes, yet this one simple tool is often overlooked. A Flexible Spending Account(FSA), falls under IRS Section 125 which allows employees to convert some of there taxable income into non-taxable benefits.
The most common FSA types are the medical and dependent care. The maximum annual election for 2019 is $2,700 for medical, and $5,000 for dependent care. Before I go into the workings of the Section 125 plans, it will be helpful to show how most people handle their expenses without a Flexible Spending Account.
The most common FSA types are the medical and dependent care. The maximum annual election for 2019 is $2,700 for medical, and $5,000 for dependent care. Before I go into the workings of the Section 125 plans, it will be helpful to show how most people handle their expenses without a Flexible Spending Account.
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The New Jersey Insurance Plans website is owned and operated by Michael Sheeran, CFP of Glenn Insurance Inc. I created this site to help New Jersey residents all of their plan options when they are looking for information on their insurance. Quote requests from this site will be handled by Mike Sheeran directly and your information will never be shared with other sources.
Flexible Spending Accounts (FSAs), are one of the most underutilized tools to save on taxes each year. For many employees, they fear the "use it or lose it" provisions so they avoid them, and for others it is just not worth the hassle. In this article, we will cover some of the highlights and whether or not it's worth your time to take advantage of this tax advantage program.
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Mike Sheeran Cfp
Aug 26, 2014
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I help individuals and businesses purchase health insurance in NJ from the Healthcare Exchange, individual and group markets. I will also do reviews and provide information for all the health insurance carriers including Horizon Blue Cross Blue Shield, Aetna, Amerihealth, Oxford, Health Republic and any other major players.