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Forbes: 8 Opportunities in Your Paycheck You May Be Missing

Flexible Spending Accounts (FSAs)

Tax Benefits: FSAs combine the best of pre-tax and Roth contributions since both the contributions and withdrawals are tax-free if used for qualified medical and dependent care expenses. That means if you’re in the 25% tax bracket, it’s like having a 25% discount on these areas of your budget.

Pitfalls to Avoid: Medications without a prescription are no longer eligible (except insulin). Whatever you don’t use by the end of the year, you lose so don’t contribute more than you’re pretty sure you’ll spend. If you do end up with some extra money at the end of the year, you can use it to stock up on things like prescription drugs and contact lenses.

(iStock)

More from Forbes:
10 Common Money Management Mistakes That You’re Probably Making
How To Teach Kids About Money: 10 Dos And Don’ts
10 Common Myths That Could Be Hurting Your Retirement Planning



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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