This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).
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.
In this post, I continue my discussion of tips from webinars, podcasts, and virtual conferences that I heard during the last quarter of 2021. Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., high income years) to exceed the standard deduction and benefit from itemizing.
I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., The advice also applies to taxpayers themselves. medical expenses and write-offs for college savings plan contributions).
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.
Earlier this year, I taught a class and a webinar about inflation where I presented dozens of ways to mitigate the effects of rising prices through reduced spending. Inflation is down significantly from 2022 but still remains elevated. Insurance Play “what if?” (e.g.,
One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees).
Sign up for our webinar. Employees can deduct up to $300 per month in transit account contributions and $300 per month in parking account contributions. Although 529 contributions are not tax-deductible, this popular college savings plan has tax advantages. Money is on their minds. Commuter benefits. College savings accounts.
Host webinars, distribute user guides, or offer live Q&A sessions to help employees understand and use their benefits effectively. Common topics include: Clarification of coverage details Questions about deductibles, copays, or reimbursement processes. Providing ongoing education through newsletters, webinars, or workshops.
But make no mistake, when employees have a question about their paycheck, including deductions like a wage garnishment, the first place they often go is HR. Different states have different requirements when it comes to the deadline to remit payment after the paycheck deduction occurs. 3 – DEDUCTION LIMITS. And you’re right.
Use multiple channels—emails, webinars, printed guides, or one-on-one meetings—to make sure everyone feels informed and confident in their choices. 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.
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.
Tip: Pull out the most common terms from the glossary—deductible, co-pay and co-insurance—and highlight them separately in your communications materials. If you’re uncomfortable with video, webinar platforms or Slack offer alternatives. Odds are, employees just toss those documents in a drawer. Going virtual. Open the toolbox.
However, these expenses cannot be covered until an individual meets a minimum deductible. Under the CARES Act, plans (or plan sponsors) may pay for telehealth services before reaching the deductible, without impacting an individual’s eligibility for an HSA. Sign up for our webinar (details below).
HSA funds can be used for prescription drugs, deductibles, copayments, and other covered health costs. Eligibility for HSAs is generally limited to people enrolled in High Deductible Health Plan (HDHP). Like HSAs, they can cover copays, prescription drugs, and deductibles. Webinars or meetings can be helpful.
Accurate Payroll Processing: The best HR software ensures accurate payroll processing by automating calculations, tax deductions, and compliance with local regulations. Training can be provided through documentation, video tutorials, webinars, and direct customer support channels. How can HR software improve employee engagement?
Relief at Source pension contributions from your employee are taken after tax deduction. Net Pay contributions from your employees is deducted before tax. There are numerous formats for these, like workshops, webinars, jargon-busting sessions, and ‘Ask Me Anything’s’ (as long as it’s pension-related, of course).
The Families First Coronavirus Act requires all private insurance plans to cover COVID-19 testing without deductibles, co-insurance, or co-pays. Tele-health services can be covered prior to the deductible and remain HSA-eligible. What was hoped to be a short-term disruption is now in its 5th month.
In order to open an HSA, you must be enrolled in a high-deductible health plan (HDHP). The money that individuals contribute to their HSAs is tax-deductible, and the earnings on the account are tax-free. An HSA is a savings account that individuals can use to pay for qualified medical expenses.
Limited medical FSA: Similar to a medical FSA, but can be paired with high-deductible health plans (HDHPs) and health savings accounts (HSAs) , covering dental and vision expenses. Combination FSA: A limited FSA that converts into a medical FSA once the IRS deductible is met.
Watch the webinar below, hosted by our resident payroll guru Jaspal Randhawa, director of product – payroll, compliance and data. Prefer a proper teaching session? We’ve got you.
STP required employers to share payroll information such as salaries, wages, deductions, Pay As You Go (PAYG) withholding and superannuation details directly to the government in a digital format as their employees get paid simultaneously. Ascender will be scheduling a STP webinar with the release of Preceda v15.3.02
Understanding HSAs Health Savings Accounts are tax-advantaged savings accounts designed to help individuals and families with high-deductible health plans (HDHPs) cover medical expenses. This account not only promotes fiscal responsibility but also encourages employees to take an active role in managing their healthcare costs.
These contributions are tax-deductible, and withdrawals for qualified medical expenses are entirely tax-free, making HSAs a powerful tax-efficient retirement savings tool. Lower healthcare expenses could potentially translate to reduced premiums for high-deductible health plans, saving your company money in the long term.
This includes copayments, deductibles, prescriptions, and more. Health savings accounts (HSAs): HSAs are available to those with qualifying high-deductible health plans (HDHPs). Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free. Plus, the funds can roll over year after year.
When it comes to managing employee benefits, employers are frequently turning to high-deductible health plans to help control costs. But managing – and keeping up with – HSA requirements has its difficulties.
Higher healthcare deductibles and premiums may occur due to COVID-19. As a result, employers may choose to offer Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs) at greater rates to offset high deductible risks. Question 1: What plan changes are expected during open enrollment this year? Educational documents.
It may also be worthwhile to recreate the experience of a full-scale benefits fair online using diverse tactics: multiple short webinars for coverage topics big and small (anything from PPO basics to what constitutes a qualifying life event), interactive calculators that help project future copays and deductibles, downloadable resources and more.
HSAs offer triple tax benefits: contributions are tax-deductible, funds grow tax-free, and withdrawals for qualified medical expenses are tax-free. Many employees look to their employers to provide educational resources, such as seminars, webinars, and written materials, to help them understand how HSAs work.
HSAs enable employees to save pre-tax dollars for qualified medical expenses, including deductibles, copayments, and other out-of-pocket costs. By offering HSAs, employers empower their workforce to take control of their health expenses proactively.
For example, host webinars or lunch-and-learns. Some companies have even incorporated decision-making tools that ask employees questions about their individual circumstances and use artificial intelligence to recommend a health insurance plan to them based on their answers. Does the presentation convey something new to capture their interest?
Pensions are still ticking the long-term box for many employers, so now the focus is switching to areas like education and salary-deducted savings – bridging short with long-term financial wellbeing, for example, by making it simple for employees to build up savings pots.
The third change applies earlier relief for high deductible health plans to cover expenses related to COVID-19, and a temporary exemption for telehealth services retroactively to January 1, 2020. The aim is to allow them to respond to changes in needs as a result of the COVID-19 pandemic. Change #3: Earlier relief for HDHPs.
In addition, HSA eligibility for High Deductible Health Plans is now preserved if HSA funds are being used to cover COVID-19 treatment or telehealth services. Deadlines can be extended to December 31st, 2020. This further clarifies guidance included in the CARES Act. Question 2: Have there been any changes regarding FSA rollover?
This category varies from different plans with several options that include PPOs, HMOs, and high-deductible health plans. Offering a mix of these plans shall provide an opportunity for each employee to decide which one will be best for their needs. What are the Best Practices for Employee Benefits communication to staff?
Repayment must occur when the employee’s regular payday arrives, and early wage withdrawals are often automatically deducted from their paycheck or bank account. Coordinate with the vendor to see if they can offer an information session or webinar to help employees understand how early wage access works.
Skill-sharing webinars for charities Host webinars or online workshops where your employees can share their knowledge and insights with representatives from charitable organizations. Collaborative planning : Work with nonprofits to design the webinar content and format.
Offer alternative healthcare plans , such as high-deductible health plans (HDHPs) paired with health savings accounts (HSAs). PwC , for instance, offers a comprehensive financial wellness program that includes one-on-one financial coaching, webinars, and tools to help employees manage their financial goals effectively.
During the past two months, I summarized information from various recent webinars that might be useful to others. They then convert the traditional IRA balance to a Roth IRA within a short time. house), a major life or career change, receipt of an inheritance, and a required change in a guardian, executor, or trustee.
Several months ago, in the space of one day, I attended a webinar about longevity by a financial planner, read a research report about “longevity literacy,” and attended a health education class for older adults. At the end of the day, I realized that all three of these events were interrelated.
I recently taught a 90-minute webinar, 25 Financial Planning Strategies for Older Adults , for the New York Public Library. I was hoping to hear questions and comments from attendees that would confirm or expand upon the concerns expressed by the NYPL webinar participants. It will work until July 29 (30 days from my June 29 webinar).
Tax and other deductions. Payroll specialists are responsible for computing and making various deductions, including taxes (called Pay as You Earn, or PAYE), child support, student loans, and Kiwi Saver from employees’ gross wages. Eligible female employees are entitled to 26 weeks of paid maternity leave. Corporations are taxed 28%.
And in addition to payroll, employees can make sure that hours worked, benefit deductions, expense reports, and paid time off (PTO) is reflected as it should be. Employees can’t change any of their payroll data. That still must be done by a payroll administrator or HR.
High Deductible Health Plans can continue to waive the deductible for any telehealth services for plan years beginning before January 1, 2025. For more information on the Webinar click here: Secure 2.0 Webinar – McNees Wallace & Nurick LLC (mcneeslaw.com). The Act, a $1.7 Retirement Benefit Plans.
We organize all of the trending information in your field so you don't have to. Join 46,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content