Money Talk

JUNE 28, 2023

It’s halftime for your 2023 finances and a perfect time to review where you stand, make mid-year adjustments, and complete recommended financial planning action steps. This information can help inform decisions about how much more to save up to the 2023 limits of $3,850 (self-only) and $7,750 (family coverage).

Flexible Spending Account 242

Flexible Spending Account Banking Health Savings Account Taxes 242

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. Not only do the CAA 2023’s “SECURE 2.0” Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services. cut scheduled for 2024.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

Business Management Daily

MARCH 3, 2023

Tax credits vs. tax deductions The end result of taking tax credits and tax deductions is basically the same: You will pay less tax. But there is a difference between the two: Tax deductions reduce your taxable income. Any item you take as a tax credit can’t be used again as a tax deduction. In 2023, this amount is $2.89

Deductions 98

Deductions Deductible Taxes Health Insurance 98

InterWest Insurance Services

FEBRUARY 20, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Other voluntary benefits like critical illness insurance can fill in the gaps when employees have a high deductible.

Deductions 98

Deductions Deductible Out of Pocket Cost Health Savings Account 98

Money Talk

APRIL 14, 2022

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. Strategies to garner a tax benefit for charitable gifts to qualified charities include “bunching” deductions into one tax year and setting up and funding a donor advised fund.

Taxes 189

Taxes Family and Medical Leave Act 401(k) Deductions 189

McDermott Will & Emery Employee Benefits

MAY 17, 2023

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2023-23) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2024.

Health Savings Account 94

Health Savings Account Deductions Deductible Employee Benefits 94

HR Lineup

OCTOBER 30, 2023

As we venture into 2023, businesses are seeking cutting-edge solutions to simplify HR and accounting tasks. In this article, we will explore the top 10 HR accounting software options available in 2023, each offering a unique set of features and capabilities to cater to different business needs.

Software 130

Software Payroll Human Resources Finance 130

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. In this article, we’ll explore the top 10 401(k) providers for 2023, each offering unique features and benefits to help you make an informed decision. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

401(k) 130

401(k) Retirement Plan Taxes Education 130

InterWest Insurance Services

MAY 12, 2022

The IRS has announced significantly higher health savings account contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. Here are the new figures for 2023: HSA annual contribution limit. HDHP minimum annual deductible. Individual plan: $3,850, up from $3,650 in 2022. Planning ahead.

Health Savings Account 98

Health Savings Account Deductions Deductible Health 98

Money Talk

SEPTEMBER 30, 2022

A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. Three IRMAA Action Steps ¨ Reduce MAGI- MAGI is based on adjusted gross income (AGI) plus tax-exempt interest income and certain deductions that are added back.

401(k) 245

401(k) Taxes Pension Deductions 245

Money Talk

AUGUST 8, 2024

Simply look at your 2023 tax return and divide your total tax owed by taxable income. Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., medical expenses and write-offs for college savings plan contributions).

Taxes 176

Taxes Deductions Deductible Finance 176

Benefit Resource Inc.

MAY 5, 2022

Find details on the HSA 2023 contribution limits for individuals and families and HDHP requirements here! For employers and individuals currently in a plan set at or near the minimum deductible limits, you will need to make adjustments to ensure your plan remains HSA eligible. HDHP minimum deductible: $1,500 (up from $1,400).

Deductions 80

Deductions Deductible Taxes Employment 80

HR Lineup

JULY 10, 2023

However, choosing the best HR software for your business in 2023 can be a daunting task, given the plethora of options available. How to Choose an HR Software System in 2023? Payroll management: Integration with payroll processes, including calculating wages, taxes, deductions, and generating payslips.

Software 130

Software Payroll Payroll Manager Payroll Software 130

InterWest Insurance Services

DECEMBER 20, 2022

SB 216 will take effect in two phases: Starting July 1, 2023, the following contractors will be required to carry workers’ compensation coverage regardless of whether they have staff or not: Concrete (C-8 license), Heating and air conditioning (C-20), Asbestos abatement contractors (C-22), and. 9) Bereavement leave. 9) Bereavement leave.

401(k) 98

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 98

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). The maximum contribution for traditional IRAs for 2023 was $6,500 for workers under age 50 and $7,500 for those age 50+. It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. As we begin 2023 fresh with optimism for achieving our goals — make sure you set yourself up for success by utilizing pre-tax benefits.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. By early December 2023, income and tax withholding should be pretty predictable and tax-saving strategies taken so far (e.g., Seek professional advice as needed.

Taxes 158

Taxes Retirement Plan Deductions Deductible 158

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

401(k) 85

401(k) Retirement Plan Health Savings Account Deductions 85

Money Talk

OCTOBER 19, 2023

Average monthly benefit in 2023: $1,827 ($21,924 per year). 401(k) and 403(b) plans) because contributions are deducted automatically from workers’ paychecks and employers may match them, in which case, it is smart to save enough to earn the maximum employer match.

401(k) 213

401(k) Finance Medical Deductions 213

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Employee Benefits 98

Employee Benefits Flexible Spending Account Employment Health Savings Account 98

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits. What are the 2024 HSA contribution limits?

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2025 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2025 HDHP minimum deductible is $1,650 for self-only coverage and $3,300 for family coverage.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

Benefits Notes

JANUARY 4, 2023

Recently Congress passed the Consolidated Appropriations Act of 2023 (“2023 CAA”). Among other things, the 2023 CAA extends, for a second time, the telehealth relief provided under the CARES Act. In other words, this relief is available for the 2023 and 2024 plan years if the plan has a calendar plan year.

Deductions 98

Deductions Deductible Insurance Consulting 98

Higginbotham

SEPTEMBER 16, 2024

While not ideal for everyone, a high-deductible health plan can be very appealing to some workers, especially when it’s paired with a health savings account. Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). Retirement plan maximums.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Notice 2023-37 can be downloaded here. Yes, for a limited time.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. 12% rate becomes 15%), standard deductions will halve, the child tax credit will revert to $1,000, and the $10,000 limit on itemizing state and local taxes (SALT) will end.

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

Money Talk

AUGUST 16, 2023

Social Security Earnings Limit- Those who claim Social Security before full retirement age will have their benefits reduced $1 for every $2 they earn over $21,240 (2023 limit). Medicare Premium Tax Write-Off - Self-employed people age 65+ who are enrolled in Medicare Part B and D can deduct their monthly premiums against business income.

Taxes 130

Taxes Pension Deductions Deductible 130

WEX Inc.

MARCH 7, 2023

It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. It’s a little different from your W-2 because it’ll show any contributions – not just those made through payroll deductions. HSA administrators have until May 31, 2023 to issue Form 5498-SA to HSA participants.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

Benefits Notes

OCTOBER 24, 2022

On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55 , which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2023 limits for benefit plans. HDHP Minimum Deductible Limits.

401(k) 52

401(k) Deductions Deductible Health Savings Account 52

Money Talk

AUGUST 15, 2024

During the past eight months, I have slowly made my way through parts of the 2023 Symposium that I missed and was interested in, including a general session about poverty in America when my flight was abruptly moved up (without my consent) and I had to leave early. Also, the U.S.

Financial Counseling 140

Financial Counseling Education Finance Deductions 140

InterWest Insurance Services

FEBRUARY 18, 2025

By 2023, those numbers had risen to $95.4 It could also mean that drivers are choosing not to report damage that may fall below or slightly above their deductibles, which policyholders have been increasing to reduce their premiums. Between January 2019 and July 2024, the average first-party deductible grew by 47% in the U.S.

Insurance 84

Insurance Deductions Deductible IT 84

InterWest Insurance Services

AUGUST 5, 2022

As the 2023 group health open enrollment season nears, more employers have heard concerns among their staff and are focusing on affordability and easier access to health care services, according to a new study. The survey found that 70% of all large employers were planning benefit enhancements for 2023. workers with more medical debt.

Health Insurance 98

Health Insurance Insurance Deductions Deductible 98

CorpStrat

JANUARY 17, 2023

The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. 401(k) plans.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

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? Rather than taking the traditional vehicle depreciation over time, business owners and fleet managers can now take immediate deductions during tax season.

Bonuses 98

Bonuses Taxes Deductions Deductible 98

InterWest Insurance Services

MARCH 7, 2024

Usually, these accounts are funded with pre-tax deductions from your employees’ paychecks, but if they didn’t max out their contributions last year, they still can do so up until the tax-filing deadline. Under IRS rules, for 2023 employers and employees can contribute a combined $3,850 for single employees and $7,750 for families.

401(k) 98

401(k) Health Savings Account Pharmaceutical Deductions 98