Taxpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to $3,050 (up from $2,850 in 2022). FSAs allow owners to pay for qualified medical costs with pre-tax dollars. That’s good news if you’re scrambling to keep up with rising costs. FSA owners use a debit card or pay out of pocket for expenses and then seek reimbursement. FSA funds must be used by year end unless an employer elects to allow a 2.5-month carryover (or grace period). For 2023, the amount that can be carried over to the following year will rise to $610 (up from $570 for 2022). Contact us with questions. Call or visit our website for more information! www.mjscpa.com/
