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Spring Cleaning

We would be hard-pressed to find someone who wasn’t familiar with the term entombed in today’s title. And while I LOVE to clean and organize things, this time that isn’t the type of spring cleaning I’m talking about.

Spring also brings about some financial deadlines. This year Tax Day falls on Tuesday, April 18. It’s obvious to every tax-paying American that if you are required to file, this is the last day to do so. But, did you know that it’s also the last day that you can contribute to certain retirement (and tax-deferred) accounts for the 2022 tax year? Yes, sometimes things with our government happen retroactively, just don’t get me started on that subject. I’ll bet that now you’re thinking IRA/ROTH IRA and HSA contributions are the subjects of this post.

NOPE!

There is another type of account that is designed to help save on taxes, and that is an FSA or Flexible Spending Account. You can learn a little more about them here. If you have one of these, have contributed to it, and have money left in it, you may still be able to use (or roll over) any monies from the last tax year during this tax year.

Whether or not you can do this depends on how your employer set it up, and it is definitely worth the phone call to find out. While you’re at it, educate yourself about how to spend those extra special dollars here.

Happy shopping.

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