What is a flexible spending account?
The Bankrate.com financial term of the day is: "flexible spending account."
A flexible spending account allows you to set aside a portion of your income free of taxes. The money in the account can be used for only for certain expenses, such as medical bills not covered by your health insurance, or child care.
With a flexible spending account, some of the money you make can be kept clear of taxes. But there'll be limits on how you can spend it.
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