I’ve considered investing in stocks for some time now, but I’m invested in mutual funds that are fairly diversified. Is there added value in investing in individual securities? — M.R., Bonaire, Ga.

It’s good to be diversified, but many mutual funds are more diversified than you probably need to be, as they’re often invested in several hundred different securities. An advantage to putting a chunk of your investing money into individual stocks is that if a given stock appreciates in value, it will make a significant difference in your portfolio. For example, if you park five percent of your moolah in Nin Nin Corp. (ticker: NINNY) and it doubles, your portfolio’s value will increase by 5 percent. If you instead own Nin Nin through a mutual fund, where it makes up less than 1 percent of the fund’s value, its advance will be less perceptible.

Of course, the trick with picking your own stocks is that you need to know what you’re doing. For those who don’t, it’s smart to opt for mutual funds managed by trustworthy professionals or index funds that automatically mirror the stock market’s performance.

Can the money used for flexible spending accounts (FSAs) be deducted as medical expenses when itemizing deductions? — Steven Warner, South Windsor, Conn.

Nope, sorry. FSAs are created with pre-tax dollars, and you can’t double-dip on the tax savings. You can deduct only medical expenses that exceed 7.5 percent of adjusted gross income, whereas a FSA provides immediate tax savings. For someone in the 25 percent tax bracket, $100 contributed to a FSA essentially lowers income taxes by $25 and FICA taxes by $7.65. If you’re wondering whether your FSA contributions are themselves deductible, the answer remains no.