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v. t. e. In the United States, a flexible spending account ( FSA ), also known as a flexible spending arrangement, is one of a number of tax-advantaged financial accounts, resulting in payroll tax savings. [1] One significant disadvantage to using an FSA is that funds not used by the end of the plan year are forfeited to the employer, known as ...
For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. If you have only one vehicle and use it for both personal and business needs, you need to ...
Universal basic income. v. t. e. A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. [1] Its name comes from the earliest such plans that allowed employees to choose between different types of benefits, similar to the ability of a customer to ...
Aflac Incorporated / ˈæflæk / (American Family Life Assurance Company) is an American insurance company and is the largest provider of supplemental insurance in the United States. [3] It was founded in 1955 and is based in Columbus, Georgia. In the U.S., it underwrites a wide range of insurance policies, but is perhaps more known for its ...
In other cases, pre-tax deductions only delay your tax obligations — 401(k) contributions, for example, are taxed when you begin making withdrawals in retirement later down the road.
Health savings account: Taxpayers with an eligible high-deductible health insurance plan can make pre-tax contributions into a health savings account (HSA) and use the money to pay for medical ...
Benefits paid from a long-term care contract are generally excluded from income. Some states also have deductions or credits and proceeds are always tax-free. Business deductions of premiums are determined by the type of business. Generally corporations paying premiums for an employee are 100% deductible if not included in employee's taxable ...
5. Flexible Spending Account Deduction. A flexible spending account, or FSA, is a pre-tax benefit used to pay for eligible medical, dental and vision care expenses that are not covered by your ...
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related to: aflac pre-tax deductionsTaxAct is user-friendly, and very affordable - Doughroller