PART 3: Money Traps IRS Set For You: Flexible Spending Accounts!!
Just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
PART 3:
The Tax And Money Traps
The IRS and Social Security Have Set For You
I shared how the IRS
schemed to take your IRA/401k money
from you and how Social Security schemed
to take your hard earned money you and
your employer saved for you over 20-30 years..
Today I’ll explain the outright
THEFT of your Flexible Spending Account savings…
if you’re not vigilant.
Flexible Spending Account(FSA)
A flexible spending account is
a special account set up by your
employer in conjunction with your
employee benefit health plan.
You can place up to $2700 pre tax dollars in
your FSA to use for qualifying
medical expenses (to help with the costs
medical expenses (to help with the costs
of deductibles, co pays and other qualified
medical expenses. Sounds good
so far right? Read on…
The FSA Theft
The FSA funds are a ‘use it or lose it’
fund. In other words, if you don’t spend YOUR FSA
funds by March 15 of the following year…..
YOU FORFEIT EVERY PENNY YOU HAVE
IN THE FSA ACCOUNT THAT YOU DON’T USE.
Yes….
All YOUR OWN money you
have paid into your FSA account from the previous
year…
GONE…just because you didn’t use it
by the March 15 deadline…..RIDICULOUS RIGHT???
SOUND FAMILIAR???
Exactly like the Social Security age 70 rule
that takes your money, Its the equivalent of putting your money
in a bank or brokerage account and the
bank or brokerage saying….
“sorry…you didn’t take YOUR money out
of YOUR account by such and such time…
we keep it!!!”
Its outrageous and probably unconstitutional
should anyone choose to challenge it!!!
How To IRS From
Stealing Your FSA Money
Of course the answer is
Of course the answer is
MAKE SURE YOU ONLY PUT IN WHAT YOU
THINK YOU’LL ACTUALLY USE…AND USE IT
BY THE DEADLINE!!!
HEALTH SAVINGS ACCOUNT (HSA)
CAN SOLVE THIS PROBLEM
CAN SOLVE THIS PROBLEM
Another solution is, if you have a high deductible
plan that has a Health Savings Account (HSA) associated
with it, save for health care costs in THAT HSA rather
than the FSA…( I know, a crapload of government
acronyms…).
The HSA money rolls over if you don’t use it…
so it makes MUCH more sense…if the medical
plan you’re on has a HSA associated with it.
These solutions really are pretty simple…
but the trick is…..
==YOU HAVE TO KNOW ABOUT THEM!!!!
==AND YOU HAVE TO ACT ON YOUR KNOWLEDGE
Its Now On You
I bet you didn’t know about THIS money trap did you??
(unless you’ve been to one of my workshops
or watched my tax trap video of course LOL)
As with most things..its what you
don’t know you don’t know that can hurt you..
BADLY!!!
No ‘One Size Fits All Solution
I create such plans for my individual
and business clients every day…..
There’s ABSOLUTELY NO NEED FOR
YOU TO ALLOW SOCIAL SECURITY TO STEAL YOUR
MONEY!!!
As with all things financial, there’s no
‘one size fits all’ solution…each person
is different and therefore each plan design
must be different….but to do nothing is
insane….
Now Its On You
NOW THAT YOU KNOW THERE’S A
SOLUTION…if you suffer its now YOUR FAULT.
Tomorrow I’ll share how the Social Security
Administration literally STEALS YOUR MONEY!!!
Reach Out To Me If You Have Questions.
OR
…send me an email :ironkop@gmailcom
or if reading on my blog or Facebook page
leave your questions or comments below.
Remember…..
“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com
