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What We’ve Learned About Pre-Tax Benefits This Year

Benefit Resource Inc.

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75
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5 benefits trends to watch in 2020

Benefit Resource Inc.

It also includes platforms affecting how information is presented to brokers. Incorporating lifestyle components into pre-tax accounts. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? That’s so last decade.

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Are You Using Your Dependent Care Account the Right Way?

Benefit Resource Inc.

What is a Dependent Care Flexible Spending Account (DCFSA)? First things first, let’s clarify what a dependent care flexible spending account actually is. The Power of Pre-Tax Dollars One of the most significant advantages of a DCFSA is the ability to use pre-tax dollars for eligible expenses.

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Tips for the Early Plan Year

Benefit Resource Inc.

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. This includes copayments, deductibles, prescriptions, and more.

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Two Truths and a Lie, Pre-Tax Benefits Style

Benefit Resource Inc.

You are presented with three statements- two are true and one is a lie. Consider the game an ice breaker for getting to know your pre-tax benefits. Those Flexible Spending Accounts are pesky (we say that affectionately as an administrator) because they require you to have a life event before making any changes to your election.

Taxes 45
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Finding the sweet spot for your FSA election

Benefit Resource Inc.

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Let’s be honest– one of the main reasons you enrolled in a pre-tax account was to save money. Estimating Tax Savings.

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Eenie meenie miney mo – Which account should I choose?

Benefit Resource Inc.

As kids, there were fun games that helped us make choices… In benefits, we are often presented with a 50 page document and told “Here you go. ” Too bad making your pre-tax benefit account decisions is not as easy as pointing and saying “Eenie meenie miney mo – Which account should I choose?