All Press Releases for October 31, 2010
Yes, You Can Get Tax-Free LASIK
Most people know by now that the world is not black and white; it's mostly shades of gray. Lots of places may advertise as having something for free, but there's nearly always a caveat. To get that sixth sandwich for free, you have to buy five.
SAN FRANCISCO, CA, October 31, 2010 /24-7PressRelease/ -- Most people know by now that the world is not black and white; it's mostly shades of gray. Lots of places may advertise as having something for free, but there's nearly always a caveat. To get that sixth sandwich for free, you have to buy five. Free long distance? Yeah, right. These types of things can make the customer feel slighted, or at least wishing someone would redefine what "free" is. A free gift with purchase isn't necessarily free.
One thing that is infinitely better than free things with purchase is the idea that by not paying taxes on some things, you are buying them in another way. Take medical flexible savings accounts, for example. By putting a percentage of your gross income into an FSA each paycheck, or each month, you are putting tax-free dollars toward electable procedures like LASIK. In many cases, you may be able to save up to 40% on your LASIK procedure by using your pre-tax money from your FSA.
An FSA is an IRS-approved, tax-exempt account used exclusively for medical expenses. These are savings accounts that are exempt from federal income, Medicare, and Social Security taxes. In most cases, your FSA will not allow you to roll over the amount from one year to the next. As a result, most patients will either undergo LASIK in January, or wait until late in the year so the money is not forfeited.
Steps to Take for Tax Free LASIK
- Schedule a LASIK consultation with your eye doctor to find out if you are a candidate
- Find out what the deadline is for open enrollment to sign up for an FSA from your company's benefits manager
- Find out what the cost of LASIK will be so that you know how much money to set aside each month
To find out more about setting up an FSA, as well as what your estimated income tax savings might be, speak with your company's benefits manager.
If you are in the San Francisco, San Jose, or Oakland area, and are interested in finding out more about tax-free LASIK, please visit the website of the Laser Eye Center of Silicon Valley today at www.2020eyesite.com.
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