What can I claim from flexible spending side?
What is Flexible Spending Account?
Is it only work on the medical expenses, can someone explain more details, Thank You.
Answers:
medical expenses. I've attached links as to what qualify.
It is an picture to be used for medical expenses.
You own money deduct from your paycheck. No taxes are deduct from that money. So if your paycheck is $2,000 but you own $50 deduct for your FSA you salary taxes on single $1,950.
To draw from the money you own to spend it on qualify expenses. including:
+ Co-pays and deductibles on your medical services.
+ Prescription drug co-pays
+ Eyeglasses and contact lenses
+ Over the counter medication (e.g. aspirin) and medical supplies (e.g. bandages)
Check beside your employer and/or the company that administer your FSA for more details.
The downside is that it is "use it or lose it". If you own $600 per year deduct but single hold $570 within expenses that year you lose the other $30. But if you keep under surveillance your details you can stock up on Band-Aids and Tylenol at the ruin of the year so you don't lose that.
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Is it only work on the medical expenses, can someone explain more details, Thank You.
Answers:
medical expenses. I've attached links as to what qualify.
It is an picture to be used for medical expenses.
You own money deduct from your paycheck. No taxes are deduct from that money. So if your paycheck is $2,000 but you own $50 deduct for your FSA you salary taxes on single $1,950.
To draw from the money you own to spend it on qualify expenses. including:
+ Co-pays and deductibles on your medical services.
+ Prescription drug co-pays
+ Eyeglasses and contact lenses
+ Over the counter medication (e.g. aspirin) and medical supplies (e.g. bandages)
Check beside your employer and/or the company that administer your FSA for more details.
The downside is that it is "use it or lose it". If you own $600 per year deduct but single hold $570 within expenses that year you lose the other $30. But if you keep under surveillance your details you can stock up on Band-Aids and Tylenol at the ruin of the year so you don't lose that.