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Financial Implications of Working in Later Life

Money Talk

In 2019, the older worker cohort included nearly 15% of those in their 70s. Tax on Social Security Benefits - Those who work and claim benefits will trigger taxes with a combined income above $25,000 (individuals) or $32,000 (married couples filing jointly). An estimated 21.9% of Americans age 65+ were working in 2022.

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Pre-Tax Benefits Explained Through Emojis ???????????

Benefit Resource Inc.

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. The limits for 2019 should be released later this month.

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4 HDHP trends you don't want to miss

WEX Inc.

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO). It is not legal or tax advice.

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Demystifying Financial Jargon

Money Talk

The median household income in the United States was $67,521 in 2020, down from $69,560 in 2019. Dollar-cost averaging works best if investment deposits are “automated,” such as authorizing 401(k) plan payroll deductions or automatically debiting a bank account monthly for mutual fund share purchases.

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10 tax breaks in the CARES Act

Business Management Daily

Alert: The CARES Act includes a number of tax relief measures to help the country get through the COVID-19 crises. Here are ten ways to benefit from tax provisions in the new law. A single tax filer will receive a check of up to $1,200; up to $2,400 for a couple filing jointly. Get tax rewards for charity.

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Special analysis: Good records save tax penalties

Business Management Daily

Tax audits are all about your records. Have sloppy, incomplete and inaccurate records and you will needlessly pay tax penalties. The IRS determined that a taxpayer was $17,925 in the hole for his income taxes, and, accordingly, was liable for a $3,585 accuracy-related penalty. 2019-34, U.S. Tax Court, 2019).

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Money Saving Tax Tips for a Small Business

PeopleStrategy

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

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