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2736: Should I Sign Up for a Dependent Care FSA? By Andy Hill of Marriage Kids and Money on How to Save Money as A Family
Manage episode 507619603 series 2334874
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2736:
Andy Hill explains how a Dependent Care FSA can provide significant tax savings for families with daycare expenses, while also highlighting the importance of planning ahead for its “use it or lose it” rules. He expands on other workplace benefits like 401(k) matches, HSAs with their triple tax advantage, and employer-provided perks that can help families save money and build long-term wealth.
Read along with the original article(s) here: https://marriagekidsandmoney.com/dependent-care-fsa
Quotes to ponder:
“Like the Flexible Spending Arrangement (or Account), it is essentially a separate account where you can save pre-tax money for use on qualified expenses.”
“Remember that an FSA is a ‘use it or lose it’ program.”
“Your HSA contributions are tax-deductible and your investments grow tax-free. And you can withdraw your money, tax-free at any time as long as you’re using the funds for qualified medical expenses.”
Episode references:
IRS Qualified Medical Expenses List: https://www.irs.gov/publications/p502
Lively HSA: https://livelyme.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
2867 episodes
2736: Should I Sign Up for a Dependent Care FSA? By Andy Hill of Marriage Kids and Money on How to Save Money as A Family
Optimal Relationships Daily - Dating, Marriage and Parenting
Manage episode 507619603 series 2334874
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2736:
Andy Hill explains how a Dependent Care FSA can provide significant tax savings for families with daycare expenses, while also highlighting the importance of planning ahead for its “use it or lose it” rules. He expands on other workplace benefits like 401(k) matches, HSAs with their triple tax advantage, and employer-provided perks that can help families save money and build long-term wealth.
Read along with the original article(s) here: https://marriagekidsandmoney.com/dependent-care-fsa
Quotes to ponder:
“Like the Flexible Spending Arrangement (or Account), it is essentially a separate account where you can save pre-tax money for use on qualified expenses.”
“Remember that an FSA is a ‘use it or lose it’ program.”
“Your HSA contributions are tax-deductible and your investments grow tax-free. And you can withdraw your money, tax-free at any time as long as you’re using the funds for qualified medical expenses.”
Episode references:
IRS Qualified Medical Expenses List: https://www.irs.gov/publications/p502
Lively HSA: https://livelyme.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
2867 episodes
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