Kate Ashford

This is all stuff people have to pay for anyway. So you might as well save a buck by running the money through an FSA account first. So you don't also have to pay taxes on it. And if you're listening to this and you're like, where is she getting this list of items? You can Google IRS publication 502. There's the list. The second kind as a dependent care FSA is for daycare.

This is all stuff people have to pay for anyway. So you might as well save a buck by running the money through an FSA account first. So you don't also have to pay taxes on it. And if you're listening to this and you're like, where is she getting this list of items? You can Google IRS publication 502. There's the list. The second kind as a dependent care FSA is for daycare.

That's something a lot of us have to pay for anyway. These accounts work for kids up to age 13 and for parents who for tax purposes are your dependents and maybe they need adult care if they can't care for themselves. So with these accounts, there are some complexities regarding who has to live where, particularly in the case of adult care and divorce.

That's something a lot of us have to pay for anyway. These accounts work for kids up to age 13 and for parents who for tax purposes are your dependents and maybe they need adult care if they can't care for themselves. So with these accounts, there are some complexities regarding who has to live where, particularly in the case of adult care and divorce.

That's something a lot of us have to pay for anyway. These accounts work for kids up to age 13 and for parents who for tax purposes are your dependents and maybe they need adult care if they can't care for themselves. So with these accounts, there are some complexities regarding who has to live where, particularly in the case of adult care and divorce.

So be sure to read your plan documents carefully. But again, you might as well save a buck by not also having to pay taxes on this money that you're going to spend anyway. I said there were three things. So there's two more things, Liz.

So be sure to read your plan documents carefully. But again, you might as well save a buck by not also having to pay taxes on this money that you're going to spend anyway. I said there were three things. So there's two more things, Liz.

So be sure to read your plan documents carefully. But again, you might as well save a buck by not also having to pay taxes on this money that you're going to spend anyway. I said there were three things. So there's two more things, Liz.

The second cool thing about FSAs and the reason I said they help you save a buck is that if you put money from your paycheck directly in to the FSA account, the government doesn't tax you on the money. So if you sign up to have $100 a month put into your FSA, you don't pay income tax on the $100.

The second cool thing about FSAs and the reason I said they help you save a buck is that if you put money from your paycheck directly in to the FSA account, the government doesn't tax you on the money. So if you sign up to have $100 a month put into your FSA, you don't pay income tax on the $100.

The second cool thing about FSAs and the reason I said they help you save a buck is that if you put money from your paycheck directly in to the FSA account, the government doesn't tax you on the money. So if you sign up to have $100 a month put into your FSA, you don't pay income tax on the $100.

The third thing about FSAs is that there's this use it or lose it rule. So that means you have to spend all the money in the account by the end of the year, or it basically disappears. When you sign up for the FSA during open enrollment, you have to kind of take a few minutes and make your best guess about how much money you're reasonably going to spend on medical care and daycare next year.

The third thing about FSAs is that there's this use it or lose it rule. So that means you have to spend all the money in the account by the end of the year, or it basically disappears. When you sign up for the FSA during open enrollment, you have to kind of take a few minutes and make your best guess about how much money you're reasonably going to spend on medical care and daycare next year.

The third thing about FSAs is that there's this use it or lose it rule. So that means you have to spend all the money in the account by the end of the year, or it basically disappears. When you sign up for the FSA during open enrollment, you have to kind of take a few minutes and make your best guess about how much money you're reasonably going to spend on medical care and daycare next year.

Basically, an FSA is an account. And yeah, a lot of people are sent a debit card and your money goes in the account every time you get paid.

Basically, an FSA is an account. And yeah, a lot of people are sent a debit card and your money goes in the account every time you get paid.

Basically, an FSA is an account. And yeah, a lot of people are sent a debit card and your money goes in the account every time you get paid.

Right. If you don't have a plan that comes with a debit card, you basically pay for the stuff with like your regular money and then you save your receipts and you submit them to the plan administrator and then they reimburse you out of your FSA account. And that's a less fun way to do it than the card, but you still win.

Right. If you don't have a plan that comes with a debit card, you basically pay for the stuff with like your regular money and then you save your receipts and you submit them to the plan administrator and then they reimburse you out of your FSA account. And that's a less fun way to do it than the card, but you still win.

Right. If you don't have a plan that comes with a debit card, you basically pay for the stuff with like your regular money and then you save your receipts and you submit them to the plan administrator and then they reimburse you out of your FSA account. And that's a less fun way to do it than the card, but you still win.