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I recently found out about Flexible Spending Accounts and was surprised to learn they could be used for Lasik, essentially saving me a good portion of the cost by making that income not be taxed.

Are there any other similar programs I might be able to take advantage of? I've tried googling around, but I can't find much other than HSA. What terms should I look for?

  • Are you interested specifically in employer-sponsored (or at least employer-facilitated) pre-tax employee benefits? Or all things (regardless of employment situation) that can be deducted from taxes? – dg99 Sep 26 '14 at 15:07
  • @dg99 I suppose anything, regardless of whether it's employer-related. – Dan Sep 29 '14 at 3:01
  • Remember that all FSAs (not HSAs) are "use it or lose it," meaning that any money in the account that is not spent by the end of the plan year is lost. – Ben Miller - Remember Monica Nov 2 '14 at 4:16
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FSA - Flexible Spending Account

  • Pre-tax money for medical, vision, and dental expenses
  • 2014 Limit: $2,500

    Notes

    • Cannot be opened with an HSA
    • Use-it-or-lose-it program

HSA - Health Savings Account

  • Used with a high-deductible plan to save money pre-tax for medical expenses
  • 2014 Limit: $3,300 individual, $6,550 family

    Notes

    • Can carry over unused balance year-to-year

Dependent Care Account

  • Pre-tax money for child care; can be used when child care payments are needed to be able to work
  • 2014 Limit: $5,000

    Notes

    • Use-it-or-lose-it program

FSA for Vision and Dental

  • Separate from the HSA, but if you have an HSA you can open an FSA that is only for vision and dental
  • 2014 Limit: $2,500

    Notes

    • This is a special FSA in that it may not be used for medical needs, just dental and vision
    • Use-it-or-lose-it program

FSA for Parking

  • Pre-tax money for parking for work
  • 2014 Limit: $250/month

    Notes

    • Use-it-or-lose-it program

FSA for Transportation

  • Pre-tax money for "Transit" like van-pools
  • 2014 Limit: $130/month

    Notes

    • Use-it-or-lose-it program
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There is a dependent care spending account for child care related expenses. Also Medical and Dental expenses over a certain % of your income maybe deductible on your tax return.

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