Patriot Software

NOVEMBER 23, 2020

If you thought keeping up with yearly tax law changes was hard enough, you might not be happy to hear this news. Read on to learn about important changes to W-2 reporting for tax year 2020 and what you […] READ MORE. There are a couple changes to Form W-2 reporting you may need to pay attention to.

Taxes 105

Taxes Payroll 105

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” 2020) to the year that they are paying IRMAA (e.g.,

401(k) 245

401(k) Taxes Pension Deductions 245

Money Talk

MAY 11, 2023

If taxpayers are near the top of a marginal tax bracket , RMDs can move them up to a higher tax bracket. Use of RMD Withdrawals - A chunk will pay income taxes. Multiple RMD Ages- People with tax-deferred retirement savings accounts born in 1950 or earlier have a RMD of 72 (or 70½ for those who turned 70½ prior to 2020).

Retirement Plan 246

Retirement Plan Taxes Finance Government 246

Money Talk

JANUARY 4, 2023

in April 2020, started the year at 4.7% Taxes - The average income tax refund in 2022 was $3,039, but some families with advanced child tax credits faced tax payments. Some states held sales tax holidays in response to high inflation. Savings Rates - The U.S. savings rate, which rose to a record 33.8%

Finance 244

Finance Banking Taxes Food 244

Business Management Daily

DECEMBER 7, 2021

share of Social Security taxes last year, the time to make your first payment is approaching quickly. You’ll receive a separate notice for each quarter you deferred the deposit of your taxes. Your make-up payments must be made separately from your other tax deposits. If you deferred depositing your 6.2% 3, 2022, and Jan.

Taxes 100

Taxes Employment Management IT 100

Patriot Software

JANUARY 13, 2020

Like past years, the IRS released changes to the income tax withholding tables for 2020. In addition to new wage brackets, there are significant changes to how employers will handle tax withholding. These changes are in response to the Tax Cuts and Jobs Act of 2017. When you have employees, you need to stay on […].

Taxes 104

Taxes Software Employment Payroll 104

Money Talk

MAY 4, 2023

Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. in January 2020 and 5.1% Below is a brief description of the ten trends that I discussed: Inflation- The U.S. The goal is a so-called “soft landing” (i.e., not slowing the economy too much to avoid a recession).

Education 245

Education Finance Pension Taxes 245

WEX Inc.

JUNE 20, 2024

Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager? Calculating your commercial vehicle spend and how it will be impacted at tax time, including mileage and leasing, can make a huge difference in your overall expenses.

Bonuses 98

Bonuses Taxes Deductions Deductible 98

Money Talk

FEBRUARY 1, 2023

From May 2020 through October 2022, the fixed rate was 0.0% (zero). 178.36) through Treasury Direct and up to $5,000 (in different increments) of “old school paper I-bonds” (like I have) via a tax refund. at least for a six month period. How can I be earning more than the current interest rate paid on newly issued I-bonds?

Electronics 246

Electronics Government Taxes Banking 246

Patriot Software

JANUARY 27, 2021

There’s a new tax in town: the Seattle JumpStart tax. So Seattle employers, read up on the new payroll expense tax and what it means for you and your business. What is the Seattle JumpStart tax? On July 6, 2020, the Seattle, Washington […] READ MORE.

Taxes 96

Taxes Employment Payroll IT 96

PeopleKeep

OCTOBER 6, 2020

Department of Health and Human Services (HHS) has released the 2020 federal poverty level (FPL) guidelines which are used to determine eligibility for programs such as Medicaid, food stamps, or education subsidies in 2021. Also known as “federal poverty guidelines,” the FPL is used to measure a household’s poverty status.

Food 96

Food Education Taxes IT 96

Benefit Resource Inc.

APRIL 13, 2021

Once again, tax time is no longer just April 15th. For the second year in a row, the Federal Tax filing deadline has been extended for most taxpayers. What does this mean for the 2020 HSA contribution deadline? What is the 2020 tax filing deadline? 2020 Contribution Limits. Single Coverage.

Health Savings Account 76

Health Savings Account Taxes Medical 76

Money Talk

JULY 28, 2021

Last month, I wrote a blog post for the Military Families Learning Network about “nuts and bolts” of the advance child tax credit (ACTC). To recap, the ACTC is an advance payment of half of the expanded child tax credit (CTC) available under the American Rescue Plan. The remainder of the credit gets settled up on 2021 tax returns.

Taxes 100

Taxes Utilities Education IT 100

BerniePortal

JUNE 17, 2020

With many companies and organizations scrambling to keep their operations afloat during the pandemic, the Internal Revenue Service (IRS) postponed the tax return deadline until July 15. Likewise, the IRS also announced the same date as the extension deadline for 2019 HSA contributions. Here’s what you need to know.

Taxes 75

Taxes 75

Money Talk

APRIL 7, 2022

One webinar sponsored by The American College of Financial Services covered financial topics such as income taxes, required minimum distributions (RMDs), qualified charitable distributions (QCDs), and income-related monthly adjusted amount (IRMAA) Medicare premium surcharges. Financial Planning Take-Aways ¨ Tax Deferral ?

401(k) 189

401(k) Taxes Finance Education 189

Benefit Resource Inc.

SEPTEMBER 22, 2020

Healthcare is complicated, so how can you get the most out of Open Enrollment 2020? Start by using this list of three questions you should ask yourself before signing up for your pre-tax benefits. To get a picture of your pre-tax income, take a look at one of your recent pay stubs before taxes.

Out of Pocket Cost 81

Out of Pocket Cost Deductions Deductible Healthcare 81

Flimp Communications

SEPTEMBER 14, 2020

Companies with employees in multiple states need to communicate different sets of benefits or tax information to these different audiences. As we enter open enrollment 2020, consider how you’ll share communications with your employees. Repeatable: Benefits vary from state to state and for full-time and part-time employees.

Benefit Providers 96

Benefit Providers Media Taxes Management 96

HR Digest

JANUARY 8, 2020

Does this mean you’ll get an extra paycheck in 2020? Does this mean you’ll earn more than your annual salary in 2020? Or will the amount of each paycheck in 2020 be lower than in 2019? lower each pay period during 2020 (although you’d make the same total salary). This means that gross pay would be 3.7%

401(k) 81

401(k) Gross Pay Deductions Deductible 81

Florida Workers' Comp

JANUARY 18, 2024

You only have to pay taxes and die (that is a rough adaptation of Benjamin Franklin's "Nothing is certain except death and taxes"). The story starts in December 2020 (mid-pandemic) when The Florida Bar filed a complaint against attorney David Woodward, who practiced in Paradise. And, we return once again to death and taxes.

Taxes 80

Taxes Government IT 80

Flimp Communications

FEBRUARY 7, 2020

We’re in the middle of tax season now and April 15th is closing in fast. For many full-time employees , filing their taxes every year isn’t all that difficult. Conversations about financial wellness need to start somewhere, so why not take advantage of the opportunity tax season affords you? 2020 Tax Season Changes.

Taxes 75

Taxes 401(k) Health Savings Account Finance 75

Benefit Resource Inc.

JANUARY 16, 2020

Incorporating lifestyle components into pre-tax accounts. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? Tools like HSA Bridge allows employees to pay for qualified expenses with tax-free money before their HSA balance has built up.

Health Savings Account 73

Health Savings Account Flexible Spending Account Flexible Spending Taxes 73

Business Management Daily

DECEMBER 1, 2019

1 payday back into 2020, you’d still have 27 biweekly pay periods, this time in 2021. Although most companies choose this option, it may be a costly decision, since employees will receive an extra paycheck, along with extra taxes withheld and extra benefits provided. 1, 2021, is a holiday. Twist: If you don’t push the Jan.

Payroll 83

Payroll 401(k) Deductions Deductible 83

BerniePortal

JANUARY 13, 2021

In December 2020, the IRS released the final version of the 2021 Form W-4. The important tax form includes only very few changes from the 2020 version, which was overhauled to feature more accurate withholding information in a simpler, more accurate, and more private document. Here's what you need to know.

Taxes 72

Taxes 72

Money Talk

SEPTEMBER 9, 2021

We are now 18 months (March 2020- September 2021) into the pandemic. Topics to be covered in the webinar include inflation, budgeting, taxes, investments, and charitable gifting. Worse yet, there is STILL no end in sight. the 2021 Financial Planning Association conference).

Finance 242

Finance Education Work From Home Taxes 242

BerniePortal

JANUARY 22, 2020

Trying to beat the tax time rush? Mid-January marks the start of tax season! Employees have likely already received their W-2s (January 31 deadline) and are preparing to file for 2020. Along with the new W-4, the IRS has updated its online tax withholding estimator. Review Health Savings Account.

Taxes 64

Taxes Health Savings Account Health Insurance Medical 64

Benefit Resource Inc.

JUNE 1, 2020

This Father’s Day 2020, you might be surprised at some of the items you can find online. Our best picks for Father’s Day 2020. Your pre-tax account is here to help you treat yourself and be the best dad possible. Happy Father’s Day 2020! Make sure you let your dad (or uncle or brother!) The Basics.

Flexible Spending Account 61

Flexible Spending Account Flexible Spending Health Savings Account Taxes 61

PeopleKeep

NOVEMBER 29, 2019

A health savings account (HSA) is a tax-advantaged savings account a family or individual can use to pay for qualified medical expenses. HSAs are paired with a high-deductible health plan (HDHP) and have an annual contribution limit. Each year, the IRS adjusts the guidelines regarding HDHPs and HSA contribution limits.

Health Savings Account 75

Health Savings Account Deductions Deductible Medical 75

Professionals Alternative

JULY 15, 2020

From tax planning down to making ideal decisions that are based on precise financial information, top-notch accounting knowledge is vital to your success. 2) Tax Savvy for Small Business. Daily, writes with the 35 years of experience he accumulated as a tax attorney. In this book, the author, Frederick W. 3) Profit First.

Taxes 64

Taxes Recruitment Finance IT 64

BerniePortal

OCTOBER 13, 2020

13, 2020, that the wage cap for Social Security payroll taxes will increase in 2021. The Social Security Administration (SSA) announced on Oct. What do employers need to know about this update?

Taxes 69

Taxes Payroll Employment 69

HR Bartender

FEBRUARY 22, 2022

That includes compliance with employment tax payment and reporting rules with each of the various local, state, and federal agencies to avoid penalties. For example, tax credits often require records that document fulfillment of the credit. One of the most common employment tax credits is the Work Opportunity Tax Credit (WOTC).

Payroll 156

Payroll Taxes Technology Employee Retention 156

Benefit Resource Inc.

MAY 5, 2020

The CARES Act introduced new eligible items that you can purchase with funds from your pre-tax benefits accounts (FSAs, HSAs, and HRAs). Effective January 2020, menstrual care products are now considered eligible expenses. The post 10 new eligible items you can buy with your pre-tax dollars appeared first on BRI | Benefit Resource.

Taxes 77

Taxes Medical Deductions Deductible 77

Best Money Moves

APRIL 10, 2020

CARES Act: What to Know About Stimulus Payments: If you set up your tax refund with direct deposit, you should get a stimulus check from the government worth up to $1,200 or $2,400 within about a week — though if you need a paper check the wait will likely be extended. . 30, 2020, though that date may be extended with additional legislation.

Banking 122

Banking Government Taxes Payroll 122

Patriot Software

AUGUST 11, 2021

Withholding allowances used to be a way employees could adjust how much money employers take out of their paychecks for federal income tax. Although the IRS removed withholding allowances for federal income tax in 2020, they’re still out there—through pre-2020 W-4 forms and state income tax.

Taxes 98

Taxes Employment Payroll 98

Money Talk

JULY 20, 2023

In 2020, I wrote the book Flipping a Switch to describe 35 transitions experienced by older adults. Tax Diversification - Sprinkled throughout the book are references to required minimum distributions (RMDs) and their impact on older adults’ taxes. My answer: an enthusiastic Yes! Understanding this mindset is critical.

Taxes 130

Taxes Finance Government IT 130

BerniePortal

MARCH 23, 2022

Form W-4 is crucial to employee tax reporting and employer withholding. Even though there have been no meaningful updates since 2020, many employees don’t know how to fill out Form W-4 correctly—which can lead to an unpleasant surprise when a substantial tax bill comes due.

IT 98

IT Taxes Employment 98

Achievers

SEPTEMBER 18, 2018

Meister points out that some 75 percent of workplaces will use chatbots for some part of their HR solutions by 2020, and she notes that this technology will help HR leaders to create an employee experience “that mirrors their best customer service experience.”. The best jobs turn coworkers into friends.”. She’s also the founder of HRBooks.

Health 224

Health Human Resources Technology Taxes 224

Kollath CPA

SEPTEMBER 7, 2021

If you think you can avoid the federal estate tax, ­­you’re probably right. The federal estate tax applies to Americans only if their estates total more than $11.7 Learn more Myths of the Estate Tax below. Only 4,100 estate tax returns were filed in 2020, and only about 1,900 estates were deemed taxable by the IRS.

Taxes 52

Taxes IT 52