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. The IRS withholding estimator can help make this calculations.

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Taxes 401(k) Retirement Plan Health Savings Account 125

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.

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Health Savings Account Deductions Deductible Employee Benefits 94

McDermott Will & Emery Employee Benefits

MAY 9, 2024

The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) 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 2025.

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Health Savings Account Deductions Deductible Employee Benefits 105

InterWest Insurance Services

FEBRUARY 18, 2025

years in 2024, up a year and a half since 2012. Also, due to the oversupply of used vehicles, pre-owned car prices have fallen 3.77% since February 2024. Between January 2019 and July 2024, the average first-party deductible grew by 47% in the U.S. The average age of U.S. vehicles hit a record 12.6

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Insurance Deductions Deductible IT 84

InterWest Insurance Services

DECEMBER 10, 2024

The percentage of employers who are covering new and trendy weight-loss drugs has risen in 2024, continuing a trend of increasing coverage despite the costs, according to a new survey. And, as costs continue rising on average 5.25% in 2024, employers are taking a number of steps to manage costs.

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Employment Pharmaceutical Medical Health Insurance 97

HR Lineup

FEBRUARY 5, 2024

Any business requires the best payroll software 2024 to manage its employees’ payroll. It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions. If you are looking for top payroll software in 2024, we recommend them below. It is affordable, easy to use, and fun.

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Payroll Software Payroll Software Online Payroll 130

Money Talk

AUGUST 8, 2024

With less than five months remaining in 2024, now is the time to begin serious tax planning for your 2024 income tax return. Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., The advice also applies to taxpayers themselves.

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Taxes Deductions Deductible Finance 176

WEX Inc.

MAY 17, 2023

Key takeaways - 2024 HSA contribution limits 2024 HSA contribution limits will increase to $4,150 and $8,300 for self-only and family HSAs, respectively. 2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. Health savings account (HSA) contribution limits are on the rise again in 2024.

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Health Savings Account Deductible Deductions Taxes 98

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. Generally, a participant must pay their HDHP’s deductible before the plan can cover medical services.

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Deductions Deductible Health Savings Account Retirement Plan 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.

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

WEX Inc.

OCTOBER 15, 2024

Employers’ contributions to employees’ HSAs are tax deductible. The post WEX celebrates HSA Day 2024 with resources for HR leaders, employees appeared first on WEX Inc. In addition, employees’ contributions to their own accounts reduce employers’ payroll taxes. It is not legal, tax, or investment advice.

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

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

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. These are increases of $150 and $250, respectively, from 2024 HSA limits. These are increases of $150 and $250, respectively, from 2024 HSA limits. What are the 2024 and 2025 HSA contribution limits?

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Health Savings Account Deductible Deductions Taxes 105

Flimp Communications

SEPTEMBER 26, 2024

The cost of healthcare and employer-sponsored health plans are on the rise in 2024. By helping employees recognize the value and quality of options such as high-deductible health plans (HDHPs), your HR team can maximize your benefits budget while boosting employee satisfaction with your plan offerings.

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McDermott Will & Emery Employee Benefits

NOVEMBER 19, 2024

The Consolidated Appropriations Act (CAA), 2023 (Public Law 117-328), extended certain key virtual care flexibilities instituted during the COVID-19 public health emergency through December 31, 2024. This includes the telehealth safe harbor for health savings account-eligible high deductible health plans. Read the […]

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Health Savings Account Deductible Deductions Health and Welfare 52

Best Money Moves

MARCH 11, 2024

The 4 best benefits in 2024, according to employees. Here are the 4 best benefits in 2024, according to employees. Here are the best benefits in 2024 based on input from real workers. Average healthcare premiums for American families increased 7% in 2024, according to research from KFF.

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Retirement Plan Healthcare Healthcare Benefits Parental Leave 105

Workplace Insight

APRIL 2, 2024

There are a number of employment law changes coming into effect on 6 April 2024 that will impact SMEs the most. These new changes can be applied from holiday years starting on or after 1 April 2024. Employers are obligated to distribute tips to workers by the end of the subsequent month following their receipt.

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Parental Leave Employment Deductible Deductions 114

McDermott Will & Emery Employee Benefits

NOVEMBER 1, 2023

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Most of the dollar limits that are subject to adjustment for cost-of-living increases will increase for 2024.

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Health and Welfare Employee Benefits Flexible Spending Account Health Savings Account 105

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.

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Deductible Deductions Health Savings Account Flexible Spending Account 52

Best Money Moves

DECEMBER 9, 2024

As 2024 comes to a close, HR professionals are rethinking benefits strategy going into next year. In SHRMs 2024 Employee Benefit Survey, menopause benefits, gender-affirming care and lifestyle savings accounts are becoming benefits trends for the first time. All of these factors mean that employee needs are changing.

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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. Seek professional advice as needed.

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Taxes Retirement Plan Deductions Deductible 158

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.

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401(k) Taxes Retirement Plan Pension 185

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

Employers, many of whom are in the midst of or have already completed open enrollment for […] The post IRS Announces 2024 Employee Benefit Plan Limits appeared first on EMPLOYEE BENEFITS BLOG.

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Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 105

Money Talk

JANUARY 4, 2024

Tax Refund Adjustments - Sometimes people miss a tax credit, deduction, or adjustment and need to file an amended tax return. Best wishes for a healthy, wealthy, and happy 2024. There are also multi-vendor rewards programs like Rakuten and Ibotta. The IRS views these rewards as discounts and not income.

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Life Insurance Retail Pension Benefit Taxes 176

InterWest Insurance Services

JUNE 20, 2024

The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. They can put money into their HSA through pre-tax payroll deductions, deposits or transfers. for individual HSA plans. They are not taxed on withdrawals. Medical devices.

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Deductible Deductions Health Savings Account Medical 97

Sodexo Engage

OCTOBER 22, 2024

Cloned mariana.nunes Tue, 10/22/2024 - 17:21 Employee benefits and rewards Make an impact. Refurbished Tech and lifestyle-improving Salary Deduct Schemes. Refurbished Tech Scheme - Save up to 60% on refurbished devices - paid upfront or through salary deductions. NEW LP - Employee benefits and rewards. Make an impact.

Employee Benefits 52

Employee Benefits Retail Deductions Deductible 52

Employee Benefits

DECEMBER 19, 2023

Many employers offer payroll-deducted savings schemes for effortless saving. Jonathan Watts-Lay, Director, WEALTH at work, comments; “Now is a great time for employees to review their financial situation and take action to make sure they are in control of their finances in 2024.”

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Finance Banking Pension Insurance 104

WEX Inc.

JUNE 20, 2024

In this article we talk you through how to save money using bonus depreciation for vehicles you purchased in 2024 for your small or large business fleet. 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?

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Bonuses Taxes Deductible Deductions 98

InterWest Insurance Services

JANUARY 28, 2025

The average cost of an ER visit with insurance in 2024 was around$400-$650, with the typical copay after meeting the deductible being around $412 nationwide, based on US Department of Health information. But some visits can go into the thousands of dollars for serious cases.

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Health Insurance Insurance Retail Education 59

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.

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Deductions Deductible Family and Medical Leave Act Health and Welfare 52

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.

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Deductions Deductible Health Savings Account Health Insurance 52

InterWest Insurance Services

JULY 4, 2024

workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. HDHPs feature higher deductibles and more out-of-pocket expenses in exchange for lower premiums upfront. While the number of U.S.

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Voluntary Benefits Flexible Spending Account Deductions Deductible 97

Empuls

AUGUST 27, 2024

In this all-encompassing guide, we look at the best available options concerning Employee Benefits Options in 2024, different types, and significance, along with best practices in designing a benefits package to suit the workforce's needs. FAQ’s What are the main types of employee benefits for 2024?

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Family and Medical Leave Act Employee Benefits 401(k) Benefits Package 40

InterWest Insurance Services

NOVEMBER 25, 2022

They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

401(k) 98

401(k) Deductible Deductions Flexible Spending Account 98

InterWest Insurance Services

JUNE 13, 2024

Employer adoption of specialized accounts that they fund to help reimburse employees when they buy health insurance on their own is surging in 2024. Excess funds can be used to reimburse them for qualified medical expenses, including copays, coinsurance and deductibles, in addition to medications and some medical equipment.

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Health Insurance Insurance Deductions Deductible 98

McDermott Will & Emery Employee Benefits

JULY 5, 2023

Act requires participants who earned more than $145,000 in FICA wages in the prior year from their current employer to make all catch-up contributions on a Roth basis beginning in 2024. The SECURE 2.0 Payroll Challenges Plague Roth Catch-Up Contribution Implementation appeared first on EMPLOYEE BENEFITS BLOG.

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Payroll Deductible Deductions Employee Benefits 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. Can an HDHP continue to provide pre-deductible coverage of COVID-19 testing and treatment without impacting HSA eligibility?

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Deductions Deductible Health Savings Account Medical 52