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Below are six tax-saving ideas gleaned from recent webinars and research for my book: Look Toward the Future - Absent new tax legislation, the Tax Cuts and Jobs Act is scheduled to sunset after 2025, tax rules will return to what they were in 2017, and tax rates will be higher than they are right now. For tax-advantaged accounts (e.g.,
Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., 401(k), 403(b), and traditional IRA). Saving even 1% more of pay can make a difference in later life. There are online calculators like this one than can show you what you could save.
Methods include webinars, podcasts, blogs, television and radio shows, print media, websites, and more. HealthSavingsAccounts - One study found that the tax savings on many employees’ contributions to a healthsavingsaccount (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.
Google Google offers very strong retirement plans by providing its employees 401(k) matching and financial planning resources to not feel vulnerable about the future, which in turn increases their loyalty and long-term satisfaction. What are the Best Practices for Employee Benefits communication to staff?
Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to healthsavingsaccounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. This includes copayments, deductibles, prescriptions, and more.
Some benefits to consider adding or expanding are: 401K benefits: If your business is not matching contributions, you may want to look into what competing employers are doing in terms of retirement benefits and whether there is room in the budget to offer some level of matching. Webinars or meetings can be helpful.
One often-overlooked gem in the world of benefits is the HealthSavingsAccount (HSA). Host workshops or webinars to answer employee questions and address concerns. This can incentivize employees to save more for both current and future healthcare needs.
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