Here's What You Need to Know About Flexible Spending Accounts in 2018

Here's What You Need to Know About Flexible Spending Accounts in 2018

Flexible spending accounts (FSAs) offer workers a potentially sizable tax break. And while these accounts come with certain restrictions, in most cases, it pays to open one. Here are a couple of things you should know going into 2018.

For the current tax year, FSA participants could allocate up to $2,600 in pre-tax dollars to cover out-of-pocket medical expenses. The good news is that this limit is increasing to $2,650 for 2018, which means you'll get a slightly bigger tax break if you choose to max out.

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Source: Fool.com