Money Talk

OCTOBER 27, 2022

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. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

Deductible 245

Deductible Deductions Commissions Taxes 245

Business Management Daily

MARCH 3, 2023

Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. But there is a difference between the two: Tax deductions reduce your taxable income.

Deductions 98

Deductions Deductible Taxes Health Insurance 98

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. This post extends that discussion with a description of seven key steps to take to plan for your 2024 tax return due in 2025. 401(k) plan).

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

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

401(k) 245

401(k) Taxes Pension Deductible 245

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

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. Add In Pre-Tax Benefits. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

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.

Deductible 98

Deductible Deductions Health Savings Account Retirement Plan 98

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 Deductible Deductions 98

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

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. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Deductions 98

Deductions Deductible Out of Pocket Cost Health Savings Account 98

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.

Taxes 98

Taxes Health Savings Account Deductible Deductions 98

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

WEX Inc.

NOVEMBER 27, 2024

Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment. The IRS sets deductible limits that determine what is an HDHP. But there are high-deductible PPOs, as well.

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

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 Deductible Deductions Health 98

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).

Deductible 80

Deductible Deductions 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

Money Talk

AUGUST 16, 2023

Tax on Social Security Benefits - Those who work and claim benefits will trigger taxes with a combined income above $25,000 (individuals) or $32,000 (married couples filing jointly). Continued FICA Tax - Like all workers, employed older adults must pay Social Security/ Medicare tax.

Taxes 130

Taxes Pension Deductible Deductions 130

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. It is not legal or tax advice.

Health Savings Account 105

Health Savings Account Deductible Deductions Taxes 105

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 Deductible 85

WEX Inc.

OCTOBER 15, 2024

Health savings accounts are booming in popularity, with total assets eclipsing $123 billion in 2023 – nearly triple from just five years earlier – and yet they’re still widely misunderstood,” said Robert Deshaies, Chief Operating Officer of Benefits at WEX. Employers’ contributions to employees’ HSAs are tax deductible.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Taxes 52

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. It is not legal or tax advice. With an HSA. Learn more!

Health Savings Account 98

Health Savings Account Deductible Deductions Taxes 98

Hppy

OCTOBER 28, 2024

Highlighting earnings and deductions, as well as paystubs, fosters transparency and trust between employers and employees. By providing a detailed record of wages and deductions, they help both employers and employees meet legal requirements. They provide a detailed breakdown of wages, taxes, and deductions.

Net Pay 36

Net Pay Deductible Deductions Management 36

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) Deductible Deductions Flexible Spending Account 98

Benefit Resource Inc.

OCTOBER 31, 2022

But, there’s one thing that doesn’t have to be scary this Halloween —your pre-tax benefits! And with commuter benefits, you can set aside up to $270 per month pretax ($280 per month in 2023) to pay for your commute. And because the funds are set aside pre-tax, you can save up to 30% on your eligible medical expenses.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. 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 Deductible 98

Employee Benefits

OCTOBER 31, 2023

Whilst a workplace pension provides a savings vehicle for retirement, many organisations want to put in place a tax efficient savings option for those looking to save in general and build financial resilience. This will provide employees with a convenient, flexible and tax efficient way to invest. million employees.

Deductible 98

Deductible Deductions Banking Taxes 98

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. Not enough supporting medical evidence, 2.

Financial Counseling 140

Financial Counseling Education Finance Deductible 140

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

Best Money Moves

DECEMBER 9, 2024

One method of support employers are providing will come in the form of affordable deductibles. According to the report, 40% of large companies will offer a medical plan with a low or no deductible.

roth 401(k) 52

roth 401(k) 401(k) Benefits Package Paid Leave 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

DECEMBER 29, 2023

Workers at smaller firms, defined as those with fewer than 200 employees, are especially affected as they typically have to pay a larger share of the family coverage premium than their large-employer counterparts (38% vs. 25%), according to the 2023 Kaiser Family Foundation “Employer Health Benefits Survey.”

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. A FSA is an account that allows you to set aside pre-tax funds to pay out-of-pocket healthcare costs.

Flexible Spending Account 98

Flexible Spending Account Deductible Deductions Health 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

Insperity

OCTOBER 10, 2023

All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” This enables workers to pay taxes up front on the funds they contribute, and then grow and withdraw these larger funds at a later date tax free. The SECURE 2.0

401(k) 116

401(k) Retirement Plan Taxes Benefits Package 116

Griffin Benefits

JUNE 7, 2023

On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs for 2024, up from $3,850 for 2023.

Health Savings Account 80

Health Savings Account Deductible Deductions Taxes 80

Griffin Benefits

DECEMBER 30, 2022

On nearly the eve of its expiration, Congress has extended the ability of high deductible health plans (“HDHPs”) to offer first-dollar telehealth coverage through plan years beginning before January 1, 2025. Any HDHP that does not have a calendar plan year would have a similar gap between January 1, 2023 and its plan year start.

Deductible 84

Deductible Deductions Health Savings Account Taxes 84

WEX Inc.

FEBRUARY 15, 2023

A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses. Your annual election amount comes out of your paycheck, and these pre-tax dollars are deposited directly into your FSA to be used on eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98