Money Talk

AUGUST 3, 2022

Below are six tax-saving ideas gleaned from recent webinars and research for my book: Look Toward the Future - Absent new tax legislation, the Tax Cuts and Jobs Act is scheduled to sunset after 2025, tax rules will return to what they were in 2017, and tax rates will be higher than they are right now. For tax-advantaged accounts (e.g.,

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Money Talk

JUNE 13, 2024

401(k) plan). Do Strategic Tax Planning- Explore tax planning strategies that may apply to your situation, such as bunching deductions, contributing to a Health Savings Account (HSA), Roth IRA conversions, or utilizing tax-loss harvesting to offset capital gains. As a result, there will be an increase in tax rates (e.g.,

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

Corporate Synergies

AUGUST 6, 2018

High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employees enrolled in HDHPs rose from 26.3% Treat the HSA More Like a 401(k) than an FSA. million accounts in 2006 to over 22 million at the end of 2017.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

Higginbotham

NOVEMBER 2, 2022

The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and. Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year.

401(k) 52

401(k) Flexible Spending Account Health Savings Account Flexible Spending 52

Money Talk

DECEMBER 22, 2021

Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. In 2022, retirement savers in 401(k)/403(b)/457 plans and the federal Thrift Savings Plan (TSP) who are under age 50 can contribute up to $20,500, a $1,000 increase from $19,500 in 2021.

401(k) 232

401(k) Pension Taxes Deductible 232

Money Talk

SEPTEMBER 30, 2022

If your first thought when you hear the word “Irma” is a kindly older relative (the name was popular generations ago) or a powerful category 5 hurricane in 2017, this post will bring you up to speed about the “other IRMAA.” Yes, I am one of approximately 7% of Medicare participants who pay income-related monthly adjustment amounts, a.k.a.,

401(k) 245

401(k) Taxes Pension Deductible 245

Employee Benefits

DECEMBER 22, 2023

LGBTQ individuals are also less likely to have a savings account and less likely to own stocks or mutual funds than the general population, according to a 2017 Prudential report. These individuals are 5% less likely to have a 401(k) or retirement plan and 12% less likely to have an IRA.

401(k) 105

401(k) Health Insurance Finance Taxes 105