Remove 2023 Remove Deductible Remove Retirement Plan
article thumbnail

10 Best Benefits Administration Software in 2023

HR Lineup

In 2023, there are numerous benefits administration software options available, each with its unique features and advantages. In this article, we will explore the 10 best benefits administration software options for 2023. Top 10 Benefits Administration Software of 2023 1. What is Benefits Administration Software?

Software 246
article thumbnail

Ten Upsides of Inflation

Money Talk

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). million in 2022).

401(k) 246
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

IRA Basics for Retirement Savers

Money Talk

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income.

article thumbnail

Top 10 401(k) Providers in 2023

HR Lineup

As we step into 2023, retirement planning has become more critical than ever. With the uncertainty surrounding the future of Social Security and the increasing life expectancy, having a solid retirement plan is essential. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

401(k) 130
article thumbnail

A New Normal? Omnibus Bill Extends High Deductible Health Plan Telehealth Safe Harbor

Proskauer's Employee Benefits & Executive Compensa

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.

article thumbnail

Twelve Tax Planning Topics for 2022

Money Talk

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. President, most people can’t itemize without a plan. For example, you may qualify to deduct medical expenses on a state income tax return while you cannot on a federal return.

Taxes 189
article thumbnail

Things to Learn From a Tax Return

Money Talk

Not only does this provide an opportunity to catch possible errors and omissions, but it also provides valuable insights about household finances and a source of questions about tax calculations and future tax planning for my second visit. Simply look at your 2023 tax return and divide your total tax owed by taxable income.

Taxes 176