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Nine End-of-Year Tax Tips for Procrastinators and Planners Alike
Source:
longisland.com
- Dec 9, 2016
Long Island, NY - December 7, 2016 - It is the time of the year when procrastinators and planners both are looking for those last-minute, end-of-year tax tips that could save them money on their 2016 tax return. Here are nine tips taxpayers can use, whether they’re just getting started thinking about their 2016 tax return or they’re putting the final touches on their 2016 tax plan:
1. Don’t forget about use-it-or-lose-it money in flexible spending accounts.
Putting money in a flexible spending account (FSA) during the year saves taxpayers from paying taxes on that amount. Then, taxpayers can use this money tax-free on qualified medical expenses. But, whatever funds taxpayers don’t spend before the end of the year – or grace period, if their company’s plan provides one – is just money left on the table.
Instead, taxpayers should make sure to use this money for unreimbursed medical expenses like eyeglasses, prescription medications, medical equipment or copays. If they still have extra money in the flexible spending account to spend, they might want to schedule end-of-year appointments or buy prescription medicine they will need in 2017.
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Category: General Business
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