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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.,
Maximize Retirement Plan Contributions- Contribute as much as you can afford, up to the maximum allowable amount, to tax-advantaged retirement accounts (e.g., 401(k) plan). Not only does this help you save for retirement, but it can also reduce your taxable income for the year.
Healthsavingsaccounts can be a good deal for employees. 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.
The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and healthsavingsaccounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and. Transportation fringe benefit plans. Employer Takeaway.
401(k) matching contributions. Insurance, including health, dental, vision, life, disability, etc. Health, dental, and vision insurance. HealthSavingsAccounts (HSA). Retirement plan contributions (401k). Learn how to simplify the process: Download The Small Business Guide To Payroll today.
percent between 2017 and 2025, according to market research. All aspects of a new employee’s employment, including payroll, health insurance, 401(k), gadgets, and business applications, may be set up in less than a minute with this program. retirement savings plans that are all in one place. Toast Payroll.
Of those over 65, nearly 19 percent were working as of 2017 , and by 2024, that number increases to 36 percent of those between 65 and 69 needing to work. Stress this fact to employees, and encourage them to automate a consistent portion of their paycheck to their retirement savings. Do Employees Understand Their Health Care Benefits?
As of 2017, professional employment organizations are eligible to become certified through the IRS (thus Certified PEOs). At Genesis, our partnership with Blue Cross Blue Shield of Massachusetts, one of New England’s premier health care providers, is just one of many offerings that allow you to attract and retain the best employees.
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