IRS Tax Code, FSAs and HSAs
There are several provisions in the current Internal Revenue Service (IRS) tax code allow for preferred treatment of employee benefits. These tax advantage programs include:
Section 125 Flexible Spending Accounts is one of the most advantageous provisions in the IRS tax code.
Contrary to popular belief, this section of the tax code can be effectively coordinated with health savings accounts (Section 223) to avoid paying taxes on money spent on qualified medical expenses.
Working with your lawyer and/or tax accountant is the only way for you to obtain qualified legal advice. Cosby Insurance Group will work with these professionals to help design the best arrangement to minimize your costs and maximize your benefits.