Spending Account Systems and Methods
A computer-implemented method and system to facilitate a purchase utilizing a tax-advantaged account. A request for payment for an item is received at a host computer. The item comprises any item that qualifies for pre-tax treatment, including, but not limited to: a medical expense; a dental expense; a dependent care expense; a childcare expense; a work-related parking expense; and a work-related transportation expense. The system determines whether the item qualifies for pre-tax treatment. If the item qualifies for pre-tax treatment, then the tax-advantaged account is debited for at least a portion of the purchasing amount of the item based on the payment request.
1 . A computer-implemented method to facilitate a purchase utilizing a tax-advantaged account, comprising the steps of:
a) receiving, at a host computer, a request for payment for an item, wherein said item comprises any item that qualifies for pre-tax treatment, including, but not limited to:
a medical expense;
a dental expense;
a dependent care expense;
a childcare expense;
a work-related parking expense; and
a work-related transportation expense;
b) determining whether said item qualifies for pre-tax treatment; and
c) if said item qualifies for pre-tax treatment, then causing the tax-advantaged account to be debited for at least a portion of the purchasing amount of said item based on said payment request.
2 . The computer-implemented method of claim 1 , further comprising:
d) receiving at least one item identifier to identify said item, wherein said item identifier comprises one or more of:
a requestor name;
a price for said item;
a stockkeeping unit (SKU) for said item;
a Universal Product Code (UPC) for said item;
a serial number of said item;
a reference number of said item;
a category number of said item;
a service type indicator of said item; and/or
a description of said item.
3 . The computer-implemented method of claim 2 , wherein
step (b) comprises the steps of:
(i) matching said at least one item identifier with an item identifier for an item that qualifies for pre-tax treatment, and
(ii) classifying said item as qualifying for pre-tax treatment based on said matching step.
4 . The computer-implemented method of claim 1 , wherein
step (a) comprises the step of:
(i) receiving at least one item identifier to identify said item, wherein said item identifier comprises one or more of:
a stockkeeping unit (SKU) for said item, and
a Universal Product Code (UPC) for said item; and
step (b) comprises the steps of:
(i) matching said at least one item identifier with an item identifier for an item that qualifies for pre-tax treatment, and
(ii) classifying said item as qualifying for pre-tax treatment based on said matching step.