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Twelve Tax Planning Topics for 2022

Money Talk

Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. 401(k), 403(b), 457, TSP). Payroll tax withholding and/or quarterly estimated payments may need to be adjusted. President, most people can’t itemize without a plan.

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The Actual Cost of a Free HSA

Benefit Resource Inc.

Now, let’s assume those 100 employees contribute $2,000 a year each into their HSA through their pre-tax payroll deduction contributions. The similarities between an HSA and a 401(k) lead many to believe they are both equally hands-off. One study showed only a 12% HSA adoption rate in 2018. Cost #2: Hide-and-seek.

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How will you cover health care expenses in retirement?

Benefit Resource Inc.

Households released in May 2018. The money comes out of your paycheck before taxes, similar to a 401(k) and health insurance. An HSA is typically funded through payroll deductions. The money is directly sent from your employer to your HSA before you ever receive your payroll deposit. An HSA is a tax-free benefit.

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Trends to watch for in 2020 at the IRS

Business Management Daily

Payroll has moved to center stage at the IRS. This follows up on Notice 2018-76, which sets five criteria for corporate deductions for employees’ meals. Other, non-TCJA guidance projects include the following: Guidance on student loan payments and 401(k) plans. New Form 1099-NEC.

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5 reasons why an HSA is better than you thought

Benefit Resource Inc.

In reality, unused funds rollover month to month and year to year, like a 401(k). In this way, they are very similar to a 401(k) arrangement. According to data from Devenir Research’s 2018 Year-End report on HSAs , assets in HSAs totaled $10.2 Earn Interest. . Consolidate multiple HSAs.

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Workers’ Compensation: What’s payroll got to do with it?

Workers' Compensation Perspectives

Payroll” used to have a simple meaning. According to the Online Etymology Dictionary: payroll (n.) For workers’ compensation, payroll can have different meanings depending on your jurisdiction and whether you are a worker or an employer. Rules in different jurisdiction may use different terms to describe or define payroll.

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Women in Tech: Financial Wellness and Workplace Equality

Best Money Moves

Which may be why they’re proving to be more financially conscious than their older counterparts by contributing at higher rates to their 401(k)s, and are twice as likely than baby boomers to say that stress interferes with work productivity. Is 2018 the year that employers and employees get on the same page regarding benefits?

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