Central Texans tie up financial loose ends before 2013
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Just when some Central Texans thought they were done spending, many need to drain their flexible spending accounts before the end of the year.
Texas State Optical was slammed with customers on New Year’s Eve, many looking to use up some of their remaining FSA dollars before they expire at the end of the year.
"Saturday was pretty booked,” Elton Hall with Texas State Optical said. “We were pretty busy on Saturday."
Margery Anderson visited Texas State Optical Monday not for glasses or contacts, her flexible spending dollars were running out and she needed an eye exam.
"It was incentive definitely for me to come in and get that done," Anderson said. "Also to get extra glaucoma check and macular degeneration check that is not covered by my insurance."
While some made the optometrist their end of the year priority, others called their accountant.
"We have clients with investment properties and they've closed sales this year because they know there's a capital gains rate and they know that rate expires at the end of the year," Brad McGrew, a certified public accountant, said.
Businesses aren't the only ones closing deals. McGrew advised one client to go buy a truck.
"I said ‘Get it in this year because we can write it off’," he said.
McGrew said charitable giving is another popular option for end of the year financial housecleaning.
"Over the weekend I was able to get in there and get the things to go to Goodwill out of there,” he said.
Whether it’s purging closets or emptying flexible spending accounts on your to-do list, everything will reset in the New Year.
According to the website Flexible Spending Accounts Online, leftover FSA money goes back to the employer.