Advantages of using an HSA or FSA

Advantages of using an HSA or FSA

In order to deduct medical expenses off of your taxes, they need to reach 10% of your adjusted gross income per the IRS rules. Did you know there’s a way to reduce your tax burden on medical expenses even if you’re under that 10% threshold? You can do it by using an HSA, FSA, or other tax-favored plans. There’s a lot of legal jargon in the references. The main gist is if your employer offers one of these options it would be a good idea to take advantage. Just make sure to read and understand whatever paperwork they give you to describe the plan and its features.

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