Money Talk

MARCH 29, 2023

Last year, I wrote a post that described the pros and cons of filing your income taxes by paper or electronically (e-filing). Looking back, it was also a “personal pep talk” for me because I knew I was part of a dying breed of paper income tax filers. of tax returns are filed by paper or, in numerical terms, nearly 13.2

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Taxes Electronics Finance Software 189

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., Income Tax Changes - Each year, income ranges for federal marginal tax brackets are indexed for inflation. Estate and Gift Tax Exemption - The exemption amount in 2022 will be $12.06

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401(k) Pension Taxes Deductible 233

Take It Personel-ly

MARCH 22, 2021

As tax season rolls around, it can be a time-consuming and challenging process for small business owners to get things in order. tax code can be complex, and finding yourself out of compliance could lead to steep penalties. Developing good tax prep habits and maintaining accurate records and practices all year long can […].

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Taxes Finance IT 103

PayrollOrg

JANUARY 17, 2022

Payroll Currently – Volume 29 – 2021. PayState Update – Volume 23 – 2021. Federal Payroll Tax Laws & Regulations. Federal Payroll Tax Laws & Regulations contains payroll-related sections of the Internal Revenue Code and Internal Revenue Service regulations. Federal Payroll Non-Tax Laws & Regulations.

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Electronics Payroll Online Payroll Taxes 197

Money Talk

JANUARY 13, 2022

In this post, I continue my discussion of tips from webinars, podcasts, and virtual conferences that I heard during the last quarter of 2021. Think Tax Efficiency - Plan ahead to pay the least amount of taxes legally due on retirement savings. Tax efficiency can have a significant impact on portfolio longevity.

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Taxes Utilities Finance Banking 243

BerniePortal

MARCH 2, 2021

Tax season is busy for employers on both a personal and professional level. From compliance matters to deadlines, this resource will help answer questions your employees may have about tax season.

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Taxes Employment 98

Money Talk

JANUARY 19, 2022

In this post, I continue my discussion of tips from webinars, podcasts, and virtual conferences that I heard during the last quarter of 2021. Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g.,

Flexible Spending Account 188

Flexible Spending Account Taxes Pension Deductible 188

Money Talk

AUGUST 10, 2022

The year 2021 was noteworthy for the “Great Resignation” as about 47 million people quit jobs last year. Tax on Social Security Benefits - Income from unretiring may push older taxpayers into the income range where tax is due on a portion of Social Security benefits. Factors contributing to this trend include: 1.

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Disability Insurance Taxes Health Insurance Pension 246

BerniePortal

MARCH 29, 2021

With an extension to the federal tax return deadline and other changes, what should employees know this tax season? After a year of deferred deadlines, employment law changes, and workplace adjustments, employees have had a lot to keep track of both inside and outside of the office.

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Taxes Employment Recruitment 98

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.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

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401(k) Taxes Pension Deductible 245

Money Talk

AUGUST 26, 2021

A recent article in the Wall Street Journal described a new investment trend: “Wealthy Americans eyeing potential tax increases are helping drive record amounts of money into municipal bond funds.” It also went on to state that tax-free U.S. With these trends in mind, now is a good time to review some basics about tax-free (a.k.a.,

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Taxes Government IT 100

PeopleKeep

NOVEMBER 5, 2020

In practical terms, that means small businesses are limited in how much tax-free money they can offer their employees through the benefit. In 2021, small businesses may offer up to $5,300 per self-only employee and up to $10,700 per employee with a family.

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Taxes Employment 95

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.

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Taxes Utilities Education IT 100

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.

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Taxes 72

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. Example : $500,000 account balance on December 31, 2021 and age 72 in 2022.

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401(k) Taxes Retirement Plan Finance 189

Money Talk

MAY 4, 2023

had an ascending 5% inflation rate (CPI) in May 2021 and a descending 5% CPI in March 2023 and many higher inflation rates in between. Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most.

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Education Finance Pension Taxes 246

McDermott Will & Emery Employee Benefits

JULY 26, 2022

Last month, the Washington Court of Appeals affirmed a lower court’s decision to dismiss a challenge to the recently enacted payroll expense tax in Seattle, WA. The tax, which went into effect on January 1, 2021, […]. Seattle Metro. Chamber of Commerce v. City of Seattle, No. 82830-4-I, 2022 WL 2206828 (Wash.

Taxes 94

Taxes Payroll Employee Benefits Executive Compensation 94

PeopleKeep

MARCH 15, 2021

With the recent passage of the American Rescue Plan Act of 2021 , there’s been a lot of talk about the changes made to premium tax credits and lowering health insurance costs—but what exactly are premium tax credits, and what do they have to do with how much you pay for health insurance?

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Taxes Health Insurance Insurance Healthcare 98

BerniePortal

JUNE 21, 2021

In late May 2021, the Biden administration released the federal budget for the Fiscal Year 2022 as well as the White House’s proposed tax plans for the same time period. Find out what’s included in the U.S. Treasury “Green Book” and how it may impact American employers around the country.

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Taxes Employment IT 98

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. 31, 2021, and Dec. Your make-up payments must be made separately from your other tax deposits. If you deferred depositing your 6.2%

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Taxes Employment Management IT 100

Money Talk

SEPTEMBER 17, 2022

incorrect gift tax and estate tax exemptions from 2021). joint ownership with right of survivorship) or beneficiary designations on contracts such as life insurance policies, individual retirement accounts (IRAs), and tax-deferred employer retirement savings plans always take precedence over the terms of a will.

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Life Insurance Banking Taxes Finance 245

BerniePortal

JUNE 16, 2021

In spring 2021, Congress passed the American Rescue Plan Act of 2021 (ARPA) , which introduced a flurry of changes to U.S. Included among the many updates were several important adjustments to the child tax credit (CTC). Find out how the tool works and what employees need to know about the child tax credit.

Taxes 90

Taxes 90

Patriot Software

DECEMBER 28, 2020

A new type of payroll tax is coming your way in 2021. Learn all about the Eugene Community Safety Payroll tax and whether or not you need to withhold and remit it to the city. What is the Eugene Community Safety Payroll Tax? Specifically, attention employers in Eugene, Oregon. The Eugene Community […] READ MORE.

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Taxes Payroll Employment IT 94

Money Talk

DECEMBER 29, 2022

This includes topics of interest to older adults in later life such as required minimum distributions (RMDs), taxes on Social Security benefits, and Medicare premiums. Key risks in retirement include longevity, health care expenses, taxes, and inflation. Many have to settle for less. It is not all theirs to keep.

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401(k) Taxes Retirement Plan Finance 181

Money Talk

JULY 13, 2022

Simply divide the December 31, 2021 balance in each of your tax-deferred accounts by the appropriate age divisor in the Uniform Lifetime Table to determine the minimum amount (which is taxable income) that must be withdrawn. There are five different tiers of IRMAA tax. Start planning now at mid-year.

Taxes 189

Taxes Retirement Plan Finance Consulting 189

HR Lineup

SEPTEMBER 1, 2021

Any business requires the best payroll software 2021 to manage its employees’ payroll. The software should be very effective to manage taxes and employee benefits. If you are looking for top payroll software in 2021, we recommend them below. Our List of Top Payroll Software of 2021. Quickbooks Payroll.

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Payroll Software Payroll Software Human Resources 74

PeopleKeep

OCTOBER 6, 2021

One alternative that has been growing in popularity is the individual coverage health reimbursement arrangement (ICHRA)—an IRS-approved health benefit that allows employers to reimburse their employees, tax-free, for their own individual health insurance premiums and qualifying out-of-pocket medical expenses.

Health Insurance 98

Health Insurance Insurance Medical Taxes 98

Patriot Software

DECEMBER 8, 2021

There’s a new personal income tax that went into effect in 2021, and it may impact both you and your employees. What is this new tax in town, you ask? The Multnomah County Preschool for All tax. If you’re an employer in Oregon (specifically in Multnomah County), listen up.

Taxes 79

Taxes Employment IT Payroll 79

PayrollOrg

JANUARY 25, 2022

In this December 2021 issue of Compliance TV: President signs infrastructure bill that ends ERC early; Reminder that payment of deferred social security tax from 2020 Is due soon; IRS announces 2022 retirement plan contribution and benefit limits; and IRS announces 2022 COLAs for transportation fringes, FSA deferrals, foreign earned income exclusion, (..)

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Retirement Plan Transportation Taxes 149

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"). There were various delays, but the "referee" (a Circuit Judge) gathered all of the information and filings by early December 2021. This is the part where we come back to death and taxes.

Taxes 80

Taxes Government IT 80

Griffin Benefits

DECEMBER 30, 2021

Thousands of companies turned to JP Griffin Group for guidance on employee benefits topics in 2021. TOP TEN BLOG POSTS OF 2021. A consolidated list of 2022 IRS contribution limits for tax-advantaged employee benefits accounts such as HSAs, FSAs, 401(k)s, QSEHRA, transportation, and adoption benefits. TOP FIVE DOWNLOADS OF 2021.

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401(k) Employee Benefits Healthcare Media 82

Money Talk

JANUARY 26, 2023

lawn care, tax preparer, hair dresser), natural gas for home heating, electricity, and auto and homeowners insurance. In 2021, it was the reverse (i.e., Good news: the historical inflation rate from 1926- 2021 has been only 2.9%. 5+ for 12 eggs!), services (e.g., a lower past rate with a higher current rate).

Finance 186

Finance Pension Government Banking 186

Patriot Software

OCTOBER 6, 2021

The benefit itself isn’t new, but it got a tax-exemption makeover thanks to the CARES Act and Consolidated Appropriations Act. If you’re looking for a new benefit to offer employees, you might consider employer student loan repayment. The result? An up-and-coming employee benefit hitting businesses nationwide.

Taxes 84

Taxes Employment Employee Benefits IT 84

Money Talk

JULY 21, 2022

Almost a year ago, in August 2021, I wrote a blog post for the OneOp Personal Finance team about inflation-fighting ideas for military families. At that time, many experts predicted that inflation would be “transitory” and subside quickly as supply chain “issues” related to the pandemic got resolved.

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Finance Overtime Insurance Food 245

HR Lineup

SEPTEMBER 23, 2021

That is why you should upgrade to the best compensation management software 2021 with modern and personalized features. . With QuickBooks, small businesses can prepare for their tax returns, by fully eliminating the need for manual processes. The post 5 Best Compensation Management Software 2021 appeared first on HR Lineup.

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Software Management Human Resources Compensation System 77

Business Management Daily

AUGUST 17, 2020

President Trump’s executive order suspending the employee portion of Social Security taxes, issued two weeks ago, left many employers wondering what to do. Then, the Treasury Department offered some clarity on the payroll tax. We’ve spent the better part of this week reading other tax lawyers’ opinions about this.

Taxes 81

Taxes Payroll Payroll System Payroll Software 81

HR Lineup

SEPTEMBER 15, 2021

Below are the best HRIS software solutions 2021 that will help you manage your workforce effectively. Our List of Best HRIS Systems 2021. The post Best HRIS Software Solutions 2021 appeared first on HR Lineup. Since the COVID-19 pandemic, the last thing you want to do as an employer is put your workers at risk.

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Software Human Resources Payroll Payroll Manager 68