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Ten Tax Planning Tips for 2022

Money Talk

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. In an earlier blog post , I described 12 tax planning topics for 2022. Improve Your Tax Records - If disorganized records were a problem for 2021 taxes due in 2022, set up a better system.

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Mid-Year Financial Tweaks and Tasks

Money Talk

Flexible Spending Account (FSA) Tweak - Like HSAs, you know your health care spending so far. Also, apply the IRS safe harbor rules to 2022 income and a “best estimate” of 2023 income to avoid an under-withholding penalty. Use this information to adjust payroll deductions for a health care FSA (up or down).

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2022 Health Insurance Outlook, Changes

InterWest Insurance Services

As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employees enrolled in those plans. Here’s a list of what to expect in 2022. For 2022, the affordability level will be 9.61% of their household income, down from 9.83% in 2021.

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It’s Time for a Mid-Year Financial Check-Up

Money Talk

We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status.

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2022 Contribution Limits Announced For FSA and Commuter

Benefit Resource Inc.

The IRS released the 2022 contribution limits for Mass Transit, Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2021-45. The limits are effective for plan years that begin on or after January 1, 2022. 2022 CONTRIBUTION LIMIT: MASS TRANSIT AND PARKING. 2022 CONTRIBUTION LIMIT: MEDICAL FSA.

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IRS Announces Cost-of-Living Adjustments for Health and Welfare Plans

McDermott Will & Emery Employee Benefits

On October 18, 2022, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain account-based health and welfare plans (see Rev.

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Financial and Lifestyle Insights- Part 3

Money Talk

repairs, maintenance) left over from 2021 and new projects for 2022 and keep it in one place. Check Your FSA - Learn the rules for your flexible spending account (FSA). Find out how unused funds can be carried over from 2021, and for how long, and adjust 2022 FSA contributions as needed.