Tax and Health: Two Items to Keep in Mind – Pars Financial

Flexible Spending Account (FSA) allows employees to be reimbursed for medical expenses. FSAs are usually funded through voluntary salary reduction agreements with your employer. The benefits of an FSA are that no employment or federal income taxes are deducted from your contribution. Some employers will even contribute to your FSA account… Withdrawals may be tax free if you use the funds for qualified medical expenses. You can withdraw funds from the account to pay for qualified medical…