November 16, 2004 09:37 PM
Use it or Lose It
Excerpt: Do you still have some FSA money to burn before year-end? Don't worry. We've got five suggestions on how to spend it.
WITH THE END OF the year rapidly approaching, 33-year-old Stephanie Borise needs to rack up some medical bills — fast.
Borise still has $1,000 left to spend in her flexible spending account (FSA), a benefit provided by her employer that allows her to use pretax dollars to pay for health-care expenses not covered by insurance. These popular accounts have helped millions of Americans save on health-care costs over the years, but they come with one frustrating provision: The money set aside each year must be used before year-end. In other words, you must use it — or you'll lose it.
The good news: It's fairly easy to generate extra bills when it comes to health care. Already, Borise, a fair-skinned New Yorker, has scheduled appointments for a full-body skin cancer check and an eye exam. She has also decided to see her therapist more regularly. If that doesn't eat up the $1,000 before the ball drops in Times Square, she'll spend the remaining money at the drug store, loading up on supplies for the winter cold season.
Jon Kessler, chairman of WageWorks, an FSA administrator, says that FSAs, when used properly, can save the typical family up to 30% to 40% in taxes on their contribution. The key is to estimate conservatively how much you need — and to know what's covered, which varies by company. While the IRS has set general guidelines, it's up to your employer to interpret them. Generally speaking, most "medically necessary" items are covered, from deductibles to antacid tablets.
Do you still have some FSA money to burn before year-end? Don't worry. We've got five suggestions on how to spend it.
READ FULL STORY ...
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How to Make Tax-Law Changes Work for You This Filing Season - Feb 16, 2005
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Popular Tax Software Is Now Free to All - Feb 04, 2005
Getting The Most From Tax Software - Jan 23, 2005
Your Online Tax-Paying Options - Jan 23, 2005
The Many Ways To Electronically File Your Tax Return - Jan 23, 2005
Be On The Lookout For These Tax Statements - Jan 23, 2005
A Wrong Address Could Mean Missed Tax Money - Jan 23, 2005
Don't Scream 'Audit Me!' - Jan 17, 2005
Pay Off Student Loan, Get A Deduction - Jan 17, 2005
Possible Tax Break For Tsunami Donors - Jan 04, 2005
Relief Donations May Be Deductible But Rules Apply - Jan 04, 2005
Report: Bush To Delay Tax Overhaul - Dec 28, 2004
Early Mortgage Payment Could Cut Your Tax Bill - Dec 23, 2004
Jewelry Donations Become Easier - Dec 22, 2004
New Tax Laws Create Traps At Year End - Dec 22, 2004
Five Moves To Make By Year-End - Dec 20, 2004
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Few People Aware Of New State Sales Tax Deduction - Dec 17, 2004
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Bush Rejects Raising Taxes to Pay for Social Security Plan - Dec 12, 2004
Social Security Reform, With One Big Catch - Dec 12, 2004
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Put Away Your Check Book - Dec 10, 2004
IRS to Issue Rules On Tax Shelters - Dec 09, 2004
Year-End Tax Planning Moves for Small Businesses - Dec 08, 2004
Give Tomorrow, Get the Tax Break Today - Dec 08, 2004
2004 Year-End Tax Planning Moves - Dec 08, 2004
CCH Capital Changes Identifies Top Ten Tax-Complex Corporate Actions for 2004 - Dec 07, 2004
GainsKeeper Suggests Year-End Tax Planning Strategies to Minimize 2004 Taxes Owed - Dec 07, 2004
Stocks That Need Special Tax Moves - Dec 07, 2004
Poll: Social Security Needs Reform - Dec 07, 2004
Options Open On Tax Reform - Dec 07, 2004
More Tips to Slash Tax Tab - Dec 05, 2004
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Noncash Gifts To Charities Can Be Deducted - Dec 04, 2004
2004 Year-End Tax Planning Moves - Dec 02, 2004
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Partnerships Lose Tax Exclusion On Canceled Debt - Dec 01, 2004
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Line Up Your Tax Deductions - Nov 26, 2004
Last Chance to Trim Your Taxes - Nov 23, 2004
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Turning the Tax Tables to Help the Poor - Nov 22, 2004
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No Rest for the Bleary: New Tax Turns to Ponder - Nov 03, 2004
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