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Review flexible spending accounts

If you contribute to a medical flexible spending account (FSA) through your employer, be sure you don’t waste it. As part of the Affordable Care Act the maximum contribution amount was set at $2,500 with annual adjustments for inflation. Like 401(k) plans, money goes into an FSA on a pre-tax basis, reducing your tax liability. But any money you leave in your FSA at the end of the year is forfeited by you. Some companies allow a grace period into the next year to use the remaining FSA funds, but are not required to provide this option. Make sure you check with your employer to ensure you don’t lose any FSA funds.

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