Money Talk

FEBRUARY 23, 2023

Knowing your tax rate can help you prepare a tax return and take action(s) to reduce your tax liability. Do you know your federal income tax rate? You may actually have several different tax rates (e.g., This post describes the different federal tax rates that apply to taxpayers. a year and a day or longer).

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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 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. Below are some money-saving tax planning strategies to consider. Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022.

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Taxes Retirement Plan Deductible Deductions 159

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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Taxes 401(k) Retirement Plan Pension 189

Money Talk

DECEMBER 21, 2023

Below are 12 nuggets of information that I gleaned from 2023 webinars: Getting Going- Some people procrastinate on saving for financial goals because goals seem too big and intimidating. Tax Uncertainty - The tax code is written in pencil. This adds a sense of urgency to tax planning strategies such as Roth IRA conversions.

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401(k) Finance Taxes Media 195

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. Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. The 2023 maximum pre-tax contribution is $3,050.

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Flexible Spending Account Banking Health Savings Account Taxes 242

Money Talk

FEBRUARY 22, 2024

With income tax season well underway, many people are getting ready to see a tax preparer to get their 2023 income tax return prepared and filed before April 15, 2024. Some may have a long-standing tax pro while others are selecting a tax preparer for the first time. About half of U.S. About half of U.S.

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Taxes Banking Finance IT 128

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).

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Taxes 401(k) Retirement Plan Health Savings Account 126

Money Talk

JANUARY 18, 2023

Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When bracket incomes rise, people may be taxed at lower tax rates. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., million in 2022).

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401(k) Banking Deductible Deductions 246

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.

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Utilities Taxes Flexible Spending Account Flexible Spending 98

HR Digest

JUNE 23, 2023

Imagine a scenario where you are rewarded with a hefty sum of $26,000 per employee, just by gathering some data and filling out a tax form. Well, this isn’t a fantasy, it’s the reality of the Employee Retention Tax Credit (ERC). Your ERC Tax Credit is on its way! Sounds like a dream, right? Yes, you read that right.

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Taxes Government Employee Retention Consulting 97

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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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. in March 2023. The savings rate was 9.1% in January 2020 and 5.1%

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Money Talk

MARCH 2, 2023

Last year, I noticed a new trend that has continued into 2023: ads on social media about online financial seminars focused on required minimum distributions (RMDs) and income taxes owed in later life. Tax diversification throughout one’s working years can reduce taxes in later life, 2.

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BerniePortal

NOVEMBER 9, 2022

But with inflation at or near 40-year highs, those changes are especially relevant for 2023. Read on to learn more about the updated IRS numbers you need to know for the coming tax year. The Internal Revenue Service, or IRS, regularly makes changes to adjust its regulations in response to inflation.

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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.

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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.

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PayrollOrg

SEPTEMBER 22, 2023

Effective October 1, 2023, the Indiana Department of Revenue revised Departmental Notice No. 1 to reflect income tax rate changes in Adams, Clinton, Dearborn, Henry, and Vanderburgh Counties.

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Taxes 129

Money Talk

JULY 13, 2023

Below is a brief summary of a few key retirement savings provisions from about 100 changes contained in this legislation: RMD Changes- Effective January 1, 2023, the starting age for required minimum distributions (RMDs) for people born from 1951 to 1959 is now 73 instead of 72 and the starting age for those born in 1960 or later is now 75.

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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

Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

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PayrollOrg

APRIL 19, 2024

On April 18, the IRS released its 2023 Internal Revenue Service Data Book, which provides statistics that underscore the importance of payroll professionals to the integrity of the American tax system.

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Taxes Payroll IT 104

Money Talk

JANUARY 4, 2023

Taxes - The average income tax refund in 2022 was $3,039, but some families with advanced child tax credits faced tax payments. Some states held sales tax holidays in response to high inflation. A court-challenged student loan forgiveness plan is undecided as of January 2023.

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Employee Benefits

MARCH 16, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget speech in the House of Commons on Wednesday 15 March. It included a number of key announcements that could impact employees’ pay , pensions and benefits. appeared first on Employee Benefits.

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Pension Taxes Government Payroll 103

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. Your make-up payments must be made separately from your other tax deposits. 3, 2023: $2,250,000 ÷ 3 quarters = $750,000.

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Taxes Employment Management IT 100

Best Money Moves

FEBRUARY 10, 2023

Employee burnout in 2023: 3 key benefits to help. Help your employees fight back against burnout in 2023 with these 3 solutions. 3 Top Benefits to Help Fight Employee Burnout in 2023 Burnout is the physical or emotional exhaustion that stems from taxing work environments or difficult outside circumstances.

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Education Taxes Work From Home Finance 122

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.

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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.

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Taxes Health Savings Account Deductible Deductions 98

Money Talk

FEBRUARY 1, 2023

The current rate paid on I-bonds issued through April 30, 2023 is 6.89% and the current fixed rate is 0.40%. 178.36) through Treasury Direct and up to $5,000 (in different increments) of “old school paper I-bonds” (like I have) via a tax refund. at least for a six month period.

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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.

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Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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Employee Benefits

MARCH 17, 2023

The top 10 most-read articles on www.employeebenefits.co.uk The top 10 most-read articles on www.employeebenefits.co.uk

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Money Talk

NOVEMBER 10, 2022

A Roth IRA is a personal retirement account that lets people benefit from tax-free interest growth, providing they meet certain conditions. Contributions (deposits) are made with after-tax income (i.e., money that has already been taxed). Traditional IRAs are made with before-tax dollars (i.e.,

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Taxes Banking Finance Bonuses 188

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. They can put money into their HSA through pre-tax payroll deduction, deposits or transfers.

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Health Savings Account Deductible Deductions Health 97

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"). This is the part where we come back to death and taxes. See Jeffrey Appel Passes (December 2023), Anger and Email (May 2019); Is it Manslaughter (April 2015). But, you would be wrong.

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Taxes Government IT 80

PayrollOrg

MAY 8, 2023

In this edition of May 2023 Compliance TV: IRS Data Affirms Payroll's Vital Role in Nation's Tax System; SSA Releases Tax Year 2023 W-2 Electronic Filing Specs; IRS Said 2024 Form W-2 Will Not Be Redesigned; DOL Publishes Report on UI Trust Fund Solvency, and more.

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Taxes Payroll Electronics 80

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.

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