Why should I participate in my Employer’s Cafeteria Plan or FSA?
In 2021 (as in 2020), medical and dental expenses are deductible to the extent they exceed 7.5 percent of your adjusted gross income or AGI. If your employer offers a flexible spending account (FSA), Health Savings Account, or Cafeteria Plan, these plans permit you to redirect a portion of your salary to pay these types of expenses with pre-tax dollars.
By Ramon O. Ramos|2022-04-27T16:33:06-07:00April 27, 2022|Taxes|Comments Off on Why should I participate in my Employer’s Cafeteria Plan or FSA?
Since 2005, we have specialized in implementing cost-saving strategies and tax solutions for individuals and businesses. We offer in-office or virtual consultations, conference calls, or we can meet in a location of your choice.
Excellent Tax and Accounting, Inc.
10690 Washington Blvd.
Whittier, CA 90606