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Phew! - A Suburbs Boy Living a Country Life [My Flickr Photos]
February 16th, 2003
03:51 pm

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Phew!
Finally got off my butt this weekend and found and filed all the flexible spending account for healthcare and dependent care for the end of 2002 and beginning of 2003...

Whoo!

This is a nice benefit from the company that lets us reduced taxable income by putting some money into special accounts. The hitch--you have to file receipts for your expenses to get the money back out. With everything going on, I've been letting them pile up since before the end of last Semester...

It had gotten into the thousands of dollars--and getting close to the "file it or forget it" date for the 2002 money (if we don't file, the money we put in is lost)!

Anyway, I got my round tuit, plowed through the stacks of receipts and got everything faxed in.

Phew!

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From:owenthomas
Date:February 16th, 2003 06:57 pm (UTC)

That's an expensive round tuit

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You can get a lot more out of these accounts than just the tax deduction. The entire amount of your deduction for a given year is available to you as of January 1, so you can get an interest-free loan for any medical supplies or procedures you can defer into the next year -- very handy for things like a new pair of glasses. And in general, instead of giving your company free use of your money for the entire year, you can fill out your forms once a month (or as often as you incur expenses) and get the money reimbursed immediately. That can go to paying off debt or get put into a savings account -- and over time, the savings you'll get from doing so add up.
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From:happypete
Date:February 16th, 2003 09:37 pm (UTC)

Re: That's an expensive round tuit

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Dude...how do you think I paid for my LASIK?

And I usually do this monthly to at most quarterly...I just got buried, and then it piled up, and piled up, and piled up...

well, you of all people would know about me and Intimidating Piles of Stuff.
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