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Practical Money Matters Radio Series

October 17, 2011
Lower Your Taxes–Next Year


This open enrollment season, find out how you can save on next year's taxes by signing up for a flexible spending account.

Transcript

Open enrollment season for choosing next year's employee benefits is right around the corner, so it's a good time to consider flexible spending accounts. These accounts let you pay for health care and childcare expenses on a pretax basis–that is, before taxes have been deducted from your paycheck.

Common IRS-allowed expenses include health insurance deductibles and copayments, dental expenses, glasses and contact lenses. For example, if you put $5,000 in a dependent care account for your child's daycare expenses, you could lower your federal income tax bill by $1,250 if you're in the 25 percent bracket.

Bottom line: Signing up for a flexible spending account now could save you thousands of dollars on next year's taxes.


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