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.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

Money Talk

OCTOBER 27, 2022

History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income. Significant changes in 1986 established income limits for participants in an employer-sponsored retirement plan that eliminated the tax deductibility of traditional IRA contributions for some people.

Deductions 245

Deductions Deductible Commissions Taxes 245

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.

Health Savings Account 94

Health Savings Account Deductions Deductible Employee Benefits 94

Money Talk

OCTOBER 11, 2023

Tax Write-Off for Self-Employment Tax - On line 15 of Schedule 2 (for a 1040 form), self-employed workers can write off the deductible portion of their self-employment tax (calculated on Schedule SE), which will lower adjusted gross income (AGI), a trigger for many other taxes.

Employment 215

Employment Deductions Deductible Taxes 215

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) Deductions Deductible 189

Money Talk

JANUARY 18, 2023

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). Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based.

401(k) 246

401(k) Banking Deductions Deductible 246

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) Deductions 189

Money Talk

JUNE 16, 2023

Of course, policy deductibles (e.g., $500) All policies have very specific language about types of losses that are covered (e.g., hurricane damage) and those that are not (e.g., flood damage and business use of a home). 500) apply before any damage claims are paid. Learn the Claims Process - Write down the steps to file a claim.

Deductions 240

Deductions Deductible Insurance Banking 240

Employee Benefit News

SEPTEMBER 12, 2024

Curative, a healthcare services firm, is working to slash costs and encourage workers to seek treatment earlier.

Healthcare 124

Healthcare Deductions Deductible Employee Benefits 124

Money Talk

AUGUST 3, 2022

Consider Tax-Saving Gifts - Only about 10% of taxpayers today can itemize deductions and it generally requires a plan to aggregate sufficient deductible expenses that exceed the standard deduction amount ($12,950 for singles and $25,900 for married couples filing jointly).

Taxes 189

Taxes 401(k) Flexible Spending Account Deductions 189

Money Talk

AUGUST 8, 2024

Otherwise, you could overlook valuable tax deductions (e.g., Consider accelerating deductions (e.g., bunching itemized deductions in one year) when you realize large capital gains, have a high-earning year, or are near “tripwires” for tax on Social Security, IRMAA Medicare premiums, and the net investment income tax.

Taxes 176

Taxes Deductions Deductible Finance 176

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 Deductions 245

Money Talk

NOVEMBER 15, 2022

Revisit Your Deductibles - Check with your insurance agent on policy premium costs and consider raising the deductibles on your policy (e.g., a $500 to a $1,000 deductible), however, only if there is significant savings. a $500 to a $1,000 deductible), however, only if there is significant savings. Do this (e.g.,

Insurance 182

Insurance Deductions Deductible Health Insurance 182

Employee Benefit News

NOVEMBER 17, 2023

Fred Turner, CEO of Curative, explains why employers need to break away from traditional health plans.

Deductions 119

Deductions Deductible Insurance Employment 119

Employee Benefit News

NOVEMBER 1, 2023

Jeri Hawthorne, CHRO at Aflac, breaks down the gap between employer-provided benefits and employees' needs.

Deductions 114

Deductions Deductible Healthcare Employment 114

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. The IRS publishes tables with the income ranges for four filing status categories and seven tax rates that currently range from 10% to 37%.

401(k) 232

401(k) Pension Taxes Deductions 232

Money Talk

NOVEMBER 9, 2023

Another way that some people proactively plan is to postpone deductible expenses until RMDs begin as a way to offset higher taxable income. Examples include an older landlord delaying rental property improvements until after RMD age and delayed itemized deduction bunching.

Pension 191

Pension Taxes Deductions Deductible 191

Money Talk

JULY 25, 2024

Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income. Don’t Overlook Health Insurance Tax Premiums - Self-employed older adults who pay their health insurance premiums (including Medicare) may be eligible to deduct these expenses as an adjustment to gross income.

Employment 162

Employment Health Insurance Pension Deductions 162

Money Talk

JUNE 28, 2023

Use this information to adjust payroll deductions for a health care FSA (up or down). This information can help inform decisions about how much more to save up to the 2023 limits of $3,850 (self-only) and $7,750 (family coverage). Flexible Spending Account (FSA) Tweak - Like HSAs, you know your health care spending so far.

Flexible Spending Account 242

Flexible Spending Account Banking Taxes Health Savings Account 242

Money Talk

JUNE 8, 2022

Consider “Bunching” and Withhold Accordingly - With another half-year to go, there is still plenty of time to develop a proactive strategy to exceed the standard deduction. The higher the net income of a taxpayer’s business, the higher the tax bite, which needs to be anticipated with withholding somewhere or quarterly estimated tax payments.

Taxes 278

Taxes Pension Deductions Deductible 278

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 Deductions Deductible Taxes 105

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 Deductions Deductible 97

Money Talk

JANUARY 19, 2022

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. state income tax and local property tax) every so often (e.g.,

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductions 187

Money Talk

OCTOBER 25, 2023

I increase deductible, I change coverage) with an insurance agent, double check policy discounts you qualify for, compare at least three insurance vendors, sign up for auto-pay or online billing statements, make fewer payments per year, and maintain good credit. Insurance Play “what if?” (e.g.,

Food 201

Food Deductions Deductible Retail 201

WEX Inc.

OCTOBER 2, 2024

To take advantage of an HSA, you need to participate in an HSA-eligible health plan (or high-deductible health plan). HSA-eligible health plans typically have lower premiums but higher deductibles. Assess your ability to cover the deductible before choosing this plan.

Employee Benefits 98

Employee Benefits Flexible Spending Account Health Savings Account Life Insurance 98

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. There are also multi-vendor rewards programs like Rakuten and Ibotta. The IRS views these rewards as discounts and not income. If they didn’t discover their tax error, they would not have it.

Life Insurance 176

Life Insurance Pension Benefit Retail Taxes 176

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO).

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

Patriot Software

JUNE 18, 2024

Tax withholding is an essential piece of the payroll puzzle. One of the taxes you must withhold from employee wages is the Old-Age, Survivors, and Disability Insurance (OASDI) tax. You must also contribute an employer portion of the OASDI tax. OASDI tax is more commonly referred to as Social Security tax. How much is OASDI […] Read More

Disability Insurance 79

Disability Insurance Taxes Insurance Deductions 79

Money Talk

DECEMBER 16, 2021

This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. With high inflation currently, many families are closely examining their expenses. One category is health care, which takes a big chunk out of family budgets. Costs can add up to many thousands of dollars annually.

Medical 230

Medical Health Insurance Hospitality Insurance 230

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). Below are six factors to consider: Social Security Earnings Limit - Before full retirement age or FRA (e.g.,

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

Employee Benefit News

MARCH 25, 2024

The IRS standard rate influences tax deductions, business operations, compliance requirements, financial planning and employee compensation strategies.

Taxes 119

Taxes Deductions Deductible Employee Compensation 119

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? Rather than taking the traditional vehicle depreciation over time, business owners and fleet managers can now take immediate deductions during tax season.

Bonuses 98

Bonuses Taxes Deductions Deductible 98

Employee Benefit News

OCTOBER 23, 2024

From the lowest number of hospital beds to the highest average deductibles, see which states have the worst healthcare.

Healthcare 119

Healthcare Hospitality Deductions Deductible 119

Money Talk

FEBRUARY 1, 2024

Payroll deductions for defined contribution plans, like 401(k)s, make adhering to advice to “pay your first” automatic. Wealth-Building Needs Protection- It is important not to overlook the role of insurance as a wealth-building tool.

401(k) 188

401(k) Finance Pension Commissions 188

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. Regular investing over 3-4 decades of work is essential to close future income gaps.

401(k) 213

401(k) Finance Medical Deductions 213

PayrollOrg

MAY 10, 2024

The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans that must be used in conjunction with HSAs.

Health Savings Account 104

Health Savings Account Deductions Deductible 104

Money Talk

APRIL 11, 2024

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).

401(k) 185

401(k) Taxes Retirement Plan Pension 185