Tag Archives: Tax Savings

Paying off your Mortgage Early

Have you ever considered whether you should try and pay off your mortgage early? Many people have. But, a mortgage is different kind of debt than most… so it is good to evaluate all the advantages and disadvantages before you make that leap. The first consideration is other debt. In almost every case, before you ever consider making extra payments on your mortgage you should first focus on all your other debt. In almost every instance, whether it be a credit card, student loan or car, that debt is costing you more to keep in interest than a mortgage. What … Continue reading →

Flexible Spending Accounts

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If you have access to a flexible spending account for medical or dependent care, you should be taking advantage of the tax savings. But, these accounts can be tricky… so let’s discuss them for a bit. A flexible spending account is set up through your employer. It is almost like a savings account, except it doesn’t earn interest. What is does is allow you to set aside money tax-free. This reduces your overall income reported on your tax statements. Depending on the amount of expenses you have, this can move you into a lower tax bracket or at the very … Continue reading →

Take Advantage of Flexible Spending Accounts

This is the time of year for open enrollment at many companies. It is a great time to consider setting up flexible spending accounts in order to save money. A flexible spending account allows you to save money for health care and dependent care expenses. This money is taken out of your pretax pay, and can lower the amount of taxes, which you pay. This can save you money. If you plan carefully you will be able to save a significant amount in taxes for those out-of-pocket expenses. The dependent care expenses can be used to pay childcare or adult … Continue reading →