Did you know? Flexible Spending Accounts can reduce taxable income
Did you know that by participating in a Flexible Spending Account (FSA) plan, you could reduce your taxable income? There are two types of FSAs: Healthcare and Dependent Care. Healthcare FSAs are tax-deferred savings accounts established to help you pay for medical expenses that are not covered under Argonne medical plans, such as copays, coinsurance, and deductibles. Dependent Care FSA accounts are also tax-deferred and can help you pay for daycare expenses for your qualified dependents. Unlike tax deferrals, contributions made to these accounts are not taxed (federal, state, or FICA) at deposit and not taxed when withdrawn; they are tax free.
If you would like to reduce your taxable income, consider participating in a Flexible Spending Account. Learn more on Inside Argonne or contact a benefits specialist at email@example.com or ext. 2-2989.