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Episode 2736:
Andy Hill explains how a Dependent Care FSA can provide significant tax savings for families with daycare expenses, while also highlighting the importance of planning ahead for its "use it or lose it" rules. He expands on other workplace benefits like 401(k) matches, HSAs with their triple tax advantage, and employer-provided perks that can help families save money and build long-term wealth.
Read along with the original article(s) here: https://marriagekidsandmoney.com/dependent-care-fsa
Quotes to ponder:
"Like the Flexible Spending Arrangement (or Account), it is essentially a separate account where you can save pre-tax money for use on qualified expenses."
"Remember that an FSA is a 'use it or lose it' program."
"Your HSA contributions are tax-deductible and your investments grow tax-free. And you can withdraw your money, tax-free at any time as long as you're using the funds for qualified medical expenses."
Episode references:
IRS Qualified Medical Expenses List: https://www.irs.gov/publications/p502
Lively HSA: https://livelyme.com
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Optimal Relationships Daily - Dating, Marriage and Parenting