Kollath CPA

DECEMBER 21, 2022

The operative word for business deductions is business. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. However, despite these career-enhancing changes, the IRS denied the deduction at first. Let us know if you have any questions about your business expense deductions.

Deductible 97

Deductible Deductions Taxes Medical 97

InterWest Insurance Services

OCTOBER 31, 2024

Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. But many employers cap life insurance benefits at $50,000 — the maximum figure that allows employers to deduct premiums as a workplace benefit under IRC 7702.

Disability Insurance 98

Disability Insurance Life Insurance Deductible Deductions 98

InterWest Insurance Services

DECEMBER 5, 2024

New guidance issued by the IRS expands the types of preventive care benefits that high-deductible health plans are required to cover with no out-of-pocket costs on the part of plan enrollees. Benefits under HDHPs typically do not kick in until the enrollee has met their deductible.

Out of Pocket Cost 97

Out of Pocket Cost Health Savings Account Deductible Deductions 97

WEX Inc.

MARCH 12, 2025

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. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. You’ll need this form when filing your taxes.

Taxes 98

Taxes Health Savings Account Deductible Deductions 98

Money Talk

MARCH 4, 2022

Required Minimum Distributions (RMDs) - Taxpayers with traditional IRAs, SEPs (self-employed), and employer retirement savings plans (401(k), 403(b), 457, and TSP) must begin annual RMDs upon reaching age 72. Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes.

Taxes 245

Taxes 401(k) Deductible Deductions 245

Fringe Benefit Analysts

OCTOBER 17, 2024

 Small employers looking for ways to control their group health insurance costs are more closely examining what it means to be “ fully insured.” These individuals or employers are then free to accept the new premium rates or shop around with other insurance carriers. What Is a Fully Insured Health Plan?

Insurance Carriers 98

Insurance Carriers Insurance Family and Medical Leave Act Employment 98

WEX Inc.

NOVEMBER 14, 2024

Health savings account An HSA is an individually owned benefits plan funded by you or your employer that lets you save on purchases of eligible expenses. You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Your employer owns your FSA.

401(k) 98

401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

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. The employer can also contribute to its employees’ HSAs to encourage participation.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

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. after rising 8.3% the year prior.

Employment 97

Employment Pharmaceutical Medical Health Insurance 97

Money Talk

OCTOBER 27, 2022

Below is a discussion of IRAs and details about how they can lower your taxes and provide a retirement savings nest egg: Description - An IRA enables workers with earned income (salary from a job or net earnings from self-employment) to save and invest for retirement. municipal bonds or bond funds).

Deductible 245

Deductible Deductions Commissions Taxes 245

InterWest Insurance Services

AUGUST 10, 2022

Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. no deductible and no coinsurance), the net impact on premiums was an increase of 4.7%.

Deductible 98

Deductible Deductions Family and Medical Leave Act Health Savings Account 98

Business Management Daily

MARCH 3, 2023

Tax credits vs. tax deductions The end result of taking tax credits and tax deductions is basically the same: You will pay less tax. But there is a difference between the two: Tax deductions reduce your taxable income. Any item you take as a tax credit can’t be used again as a tax deduction. In 2023, this amount is $2.89

Deductible 98

Deductible Deductions Taxes Health Insurance 98

HR Lineup

MARCH 13, 2022

In a defined benefit plan, an employer pays a predetermined amount at either termination of employment or retirement. The employer breaks the sum into annual payments, which they deposit as savings to provide the benefits prescribed by the program’s terms. Defined Contributions. Hybrid plan. Target benefit plans.

Retirement Plan 246

Retirement Plan 401(k) Gross Pay Profit Sharing Plan 246

Money Talk

JULY 25, 2024

Set aside a portion of self-employment income to send to the IRS for quarterly estimated tax payments (and/or over-withhold on a pension or Social Security) to ensure compliance with tax regulations. Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income.

Employment 162

Employment Health Insurance Pension Deductible 162

HR Lineup

JULY 4, 2024

With the rising costs of transportation and the increasing awareness of environmental sustainability, commuter benefits have become an essential consideration for both employers and employees. By subsidizing these costs, employers help reduce the financial burden on employees who use public transportation to commute to work.

Transportation 246

Transportation Taxes Deductible Deductions 246

HR Lineup

MARCH 10, 2022

Nonqualified deferred compensation (NQDC) plans are among the benefits employers use to retain top talent , and if you are wondering what they are, this article clarifies everything. A non-qualified deferred compensation (NQDC) plan is whereby an employer reaches an agreement with an employee to pay them sometime in the future.

401(k) 246

401(k) Retirement Plan Deductible Deductions 246

Best Money Moves

SEPTEMBER 25, 2024

These are the best strategies employers can use to help. American families are in the midst of a healthcare crisis and employer-sponsored health insurance can’t keep up. copay or deductible). Here’s How You Can Help. Employees are experiencing a healthcare crisis due to financial concerns.

Healthcare 105

Healthcare Health Insurance Medical Insurance 105

HR Lineup

SEPTEMBER 24, 2024

This end-to-end process encompasses various stages of employment, including recruitment, onboarding, performance management, learning and development, compensation and benefits administration, career progression, and eventual retirement or departure from the organization.

Retirement Plan 245

Retirement Plan Recruitment Technology Salary 245

Money Talk

MARCH 22, 2023

I recently attended a NY Public Library webinar about tax planning and below is a summary: Standard Deduction - 2023 saw the largest ever automatic adjustment to standard deductions since indexing was introduced in the 1980s. A larger standard deduction means that taxpayers can shelter more income from income taxes.

Taxes 189

Taxes 401(k) Deductible Deductions 189

Money Talk

JANUARY 18, 2023

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

401(k) Banking Deductible Deductions 246

Qandle

JANUARY 29, 2025

Some of the most common compliance risks that businesses face in payroll include: Tax Compliance Risks: Employers are responsible for withholding federal, state, and local taxes from employee wages and remitting these amounts to the appropriate tax authorities. Factoring in exemptions, allowances, and deductions.

Payroll Software 90

Payroll Software Software Payroll Overtime 90

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.

Taxes 189

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

WEX Inc.

NOVEMBER 27, 2024

One emerging trend is employers offering their employees health plan options. 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. What’s an HDHP?

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

Money Talk

SEPTEMBER 30, 2022

A letter from the Social Security Administration (SSA) notifies beneficiaries of their expected benefit, including IRMAA deductions, if any. Three IRMAA Action Steps ¨ Reduce MAGI- MAGI is based on adjusted gross income (AGI) plus tax-exempt interest income and certain deductions that are added back.

401(k) 245

401(k) Taxes Pension Deductible 245

HR Lineup

JANUARY 2, 2022

Filing federal and state tax returns online can be challenging and overwhelming for employers. Since the process needs to be seamless and fast, employers are looking for effective tax filing solutions. These include ease of use, affordability, ability to identify credits and deductions, customer service, to name a few.

Taxes 245

Taxes Software Payroll Deductible 245

Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

Taxes 278

Taxes Pension Deductible Deductions 278

Flimp Communications

OCTOBER 30, 2024

About half of American employers offer HSAs — coupled with high-deductible health plans (HDHPs) — but, according to one study , 69% of employees don’t understand their benefits or uses. Not only are HSA contributions tax deductible, but investment growth and funds used for qualified medical expenses are also protected.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

CorpStrat

DECEMBER 4, 2024

As the year winds down, employers have a crucial opportunity to fine-tune their employee benefits strategy. Pairing high-deductible health plans (HDHPs) with Health Savings Accounts (HSAs) or adding wellness programs can help employees offset costs while staying engaged in their health. Let’s make it work for you.

Employee Benefits 52

Employee Benefits Employment Disability Insurance Health Savings Account 52

Flimp Communications

SEPTEMBER 26, 2024

The cost of healthcare and employer-sponsored health plans are on the rise in 2024. As several studies have attested, employees routinely choose sub-optimal health plans due to misunderstandings, cognitive biases, and pure momentum at great cost to themselves and their employers. It’s not easy being an HR professional these days.

Deductible 52

Deductible Deductions Healthcare Medical 52

Money Talk

NOVEMBER 9, 2023

Examples include limiting earned income from a job or self-employment to a certain dollar amount and using tax-loss harvesting to offset realized capital gains on investments. Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income.

Pension 191

Pension Taxes Deductible Deductions 191

Money Talk

DECEMBER 22, 2021

Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. Many employers use a percentage of workers’ pay as a base to set raises or an index like the CPI. Pay Increases- It was widely reported that pay increased for many U.S.

401(k) 232

401(k) Pension Taxes Deductible 232

Money Talk

AUGUST 10, 2022

67 for workers born in 1960 or later), Social Security deducts $1 from benefits for every $2 earned above the annual limit ($19,560 in 2022). Tax Withholding Adjustments - Adding income from employment to what could be multiple streams of income in later life (e.g.,

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

Best Money Moves

OCTOBER 1, 2024

Learn about how employers can help with financial wellness benefits. In fact, when surveyed by the National Association of Insurance Commissioners (NAIC), only about a quarter of Gen Z adults could define the terms “deductible” (27%) and “copay” (29%).

Insurance 59

Insurance Deductible Deductions Education 59

Pacific Prime

MARCH 12, 2025

There are many ways companies can handle skyrocketing health insurance costs while maintaining competitive benefits packages such as considering copayment and deductibles, encouraging preventative care, or removing overpriced providers from their provider lists. The post How Can Companies Contain Health Insurance Costs?

Health Insurance 63

Health Insurance Insurance Benefits Package Deductible 63

HR Lineup

SEPTEMBER 25, 2023

It encompasses all the activities involved in paying employees, such as calculating wages, deducting taxes and other withholdings, processing payments, and generating necessary reports. Compliance management: Ensuring that payroll practices align with local regulations, tax codes, and employment laws.

Global Payroll 238

Global Payroll Payroll Payroll System Payroll Software 238

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.

Health Savings Account 105

Health Savings Account Deductible Deductions Taxes 105

Money Talk

OCTOBER 19, 2023

401(k) and 403(b) plans) because contributions are deducted automatically from workers’ paychecks and employers may match them, in which case, it is smart to save enough to earn the maximum employer match. Save at Work- One of the best places to save for retirement is a workplace plan (e.g.,

401(k) 213

401(k) Finance Medical Deductible 213