If you already have to spend on child care, healthcare and have are enrolled in a high deductible health plan, you may want to consider whether or not you want to save more money through your employer's benefits. Yes, you read correctly, you can save more money if you are strategic about enrolling into a Flexible Spending Account ("FSA") through your employer.
I'm a true believer that Just know, there is no such thing as bad money, except money that goes to waste. So if you don't want to to waste money by giving more money to Uncle Sam then you have to, keep reading.
For those who don't know the benefit of FSA, FSA allows you to set aside pre-tax money which helps you pay LESS federal taxes. You get your money back when you submit claims e eligible health care and day care expenses and use the reimbursement for anything; including more expenses, Christmas money or vacation money.
Under the law, there are three types of FSAs: A Dependent Care FSA, general purpose Health Care FSA, and a Limited Expense Health Care FSA. A Dependent Care FSA reimburses eligible day care expenses for your children under age 13 and your tax dependents of any age who are incapable of self-care, as well as elder care expenses. The only catch is that reimbursable expenses may be necessary to allow you and your spouse (if married) to work, look for work or attend school full-time. So you don’t even try to get reimbursement for weekend respite care.
A general purpose Health Care FSA (HCFSA) reimburses eligible health care expenses not covered by your employers health plan, dental or vision plan, such as co-payments, co-insurance, deductibles, over-the-counter medicines (with a prescription), medical supplies, prescription drugs, vision and dental care, shipping and handling charges for mail-order prescriptions and eligible over-the-counter items, and much more.
Lastly, A Limited Expense Health Care FSA (LEX HCFSA) is designed for individuals who are enrolled in or covered under a High Deductible Health Plan (HDHP) with a Health Savings Account (HSA). Those who are enrolled in an HDHP must spend HIGH deductibles and group plan covers the remainder. And if you already must pay high deductibles, why not get a reimbursement for it? Just note, when you enroll in a LEX HCFSA and an HSA at the same time, a LEX HCFSA limits reimbursement to only eligible dental and vision expenses.
Hopefully this information will help someone make the right move so that they can have better outcomes with their income. Of course, accountants may know of other loopholes to save you from giving the IRS all of your coins.
Do you have any other suggestions to help individuals use their employer benefits for their benefit? If so, please leave a comment below and let me know. Additionally, please don’t forget to share this post with your friends because every should get a free legal treat every once in a while.
The Boss Builder, Toni Moore, Esquire, is an author, speaker, estate planning attorney and financial coach who is committed to helping women have better relationships with their money so they can live better lives. Twitter/Instagram: @thecoinboss
Most people don't like going into an attorney's office almost as much as they despise going to the dentist. However, much like those who refuse to see the dentist on a regular basis, those who refuse to seek wise counsel find themselves in situations that could have been prevented. Or worse yet, they find themselves on opposite sides of Machiavelli attorneys who take what they can from whomever they can as often as they can. Despite the fact that wise counsel is often the right counsel, people will continually do what they know based on their perception of truth colored by their reality. Accordingly, here are 4 tips you should consider in order to represent yourself instead of playing yourself.
1. Justice is about the laws, rules and regulations as deemed as right by individuals who are paid to govern and/or judge the masses. Hence, no one cares about you, your tears or your sob story about what had happened. Therefore, when you decide to represent yourself, put on your objective hat and become the student of what's relevant to your issues. Accordingly, to prepare for the day in court or the day you represent your interests in a legal contract, do what lawyers do: read the law, study it and see what provision helps you get what you want.
2. Contracts should not be cut and pasted from random places. Instead, force yourself to think like a business man or woman who is always looking for ways to make money or save money. Ensure your contracts are signed by those who you can sue, ensure that they are nontransferable and ensure that your state has jurisdiction over any and all disputes. You might even want to make sure that your contract states somewhere that you would be fully reimbursed for legal fees and costs if you have to retain counsel upon breach.
3. Don't stress over things you can't change. Litigation brings out the worse in people; trust me I spent too many years in court so much so that I became the angry woman who interrogated everybody. Unfortunately, some people only know to fight and some folks fight because they feel forced to fight. However, if you don't want to fight, then don't fight over anything that doesn't bring you peace, joy and happiness. Instead, focus on what matters most and ignore the pettiness throughout the in between.
4. Team work makes the dream work. Oftentimes you'll need help from others whose wisdom, knowledge, understanding and perspective is beyond what you see. If you need support, find an accountability partner or loving mirror that keeps you anchored to what matters most. Even if the accountability partner happens to be an attorney versed in the law, hire him/her to serve as your legal coach to help you achieve your dream.
I can go on and on based on what I've seen and heard as a former trial attorney, but this is one blog post and we can probably share war stories well through the New Year. But the bottom line is that when in a foreign space/place do as the successful by playing to win instead of playing the fool. And now that you know better, I hope you play better the next time you find yourself forced to represent yourself.
Strategy Maven, Toni Moore, Esquire is an author, speaker, teacher and legal coach who offers business and legal information, strategies and solutions ("BLISS") Tips to educate, edify and empower women to win in every aspect of their lives. Let's stay connected? Twitter/Instagram: Tonimooreesq.
Much like you, I once heard to succeed in life you must go to school, get good grades and get a good paying job upon graduation. And while many have been given the same advice and either ignored it, adhered to it or is still trying to figure out what, if anything, to do with it, we can all attest that what we once thought was “good” advice no longer applies today.
Throughout my life experience, I have met many individuals who achieved success after attending trade school, college, graduate and/or professional school. But I have also met individuals who became mega successful despite dropping out of high school, barely completed two years of college and seemingly doomed to fail from the very beginning, but continually. And despite being baffled by the seeming contradictions and inconsistencies regarding the “good” advice we have heard, the following is what I learned along the way.
Toni Moore, Esquire, a legal empowerment coach and the Founder of Diva Moment, Inc. whose core belief is that more is possible. To learn more about Toni, please visit www.divamoment.org.
Toni Moore, Esq.
Toni is an attorney and business coach who is committed to helping women uplevel their success.
All Budget Business Career Goals Coach College Dreams Estate Plan Girls Inspiration Law Leadership Life Balance Mission-driven Money Motivation Oprah Winfrey Personal Finance Pursuing Dreams Rat Race Scholarship Spiritual Balance Strategy Success Wealth Women Women Business Women Empowerment