There are several simple things you can do at work to cut your tax bill by hundreds or even thousands of dollars per year. BMC offers three terrific tax-saving benefits: before-tax contributions to the BMC 401(k) Savings Plan, Flexible Spending Accounts (FSAs), and the Health Savings Account (HSA), if you’re enrolled in the Aetna HSA medical plan.
The money you set aside in an FSA or HSA is deducted from your paycheck before taxes are taken out and reduce your taxable income and the amount of taxes you pay. Just be aware of the main difference between these terrific tax-saving accounts:
This fall is a great time to review your year-to-date, before-tax contributions to your HSA and 401(k) account. If you won't reach the IRS annual limit by year end, there's still time to top up contributions. You’ll reduce your 2012 taxable income and your tax bill.
For 2012, the annual IRS limits are:
| 401(k) | 2012 Limit |
|---|---|
| Total before-tax and Roth contributions | $17,000 |
| Catch-up contributions (if age 50 and above) | $5,500 |
| Health Savings Account | 2012 Limit |
| Employee-only coverage | $3,100 |
| Other coverage levels | $6,250 |
| Catch-up contributions (if age 55 and above) | $1,000 |
Watch these videos to learn more about the BMC 401(k) Plan and Flexible Spending Accounts and the Health Savings Account and what you need to do to take full advantage of these valuable, company-provided benefits.
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