Friday, November 6, 2009

Get a Tax Break with FSAs

If you're like most employees, you may have some out-of-pocket health care expenses that your insurance doesn't cover. And your medical expenses may not be high enough for you to claim a deduction on your taxes.

But you can get a tax break by signing up for a Flexible Spending Account (FSA), which allows you to transfer money from your paychecks to an account that pays for your eligible health care expenses using tax-free money.

Check your mailbox for an FSA brochure ... A series of postcards will arrive during Open Season which begins November 9 and closes December 27 at 5 pm Central Time. Use PostalEASE to make your election, but don't wait until the last minute!

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