Take It Personel-ly

MARCH 1, 2021

If you recently became an employee who works from home, you might be wondering if you can use your home office as a tax deduction. Figuring out the home office tax deduction for a remote employee can be confusing, but we’re here to help break […]. According to one survey, 41.8% of people say that they work remotely.

Deductions 137

Deductions Deductible Taxes Work From Home 137

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

AUGUST 8, 2024

Not only does this provide an opportunity to catch possible errors and omissions, but it also provides valuable insights about household finances and a source of questions about tax calculations and future tax planning for my second visit. When it comes to income taxes, rarely are household finances exactly the same from one year to the next.

Taxes 176

Taxes Deductions Deductible Finance 176

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

JUNE 16, 2023

Of course, policy deductibles (e.g., $500) This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. All policies have very specific language about types of losses that are covered (e.g., Save receipts for reimbursement.

Deductions 240

Deductions Deductible Insurance Banking 240

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. On the contrary.

401(k) 245

401(k) Taxes Pension Deductions 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) Deductions Deductible 189

Money Talk

JULY 25, 2024

It is also easier to keep personal and business finances separate by maintaining dedicated bank accounts and credit cards for business transactions. Stick to a Schedule - Invoicing clients promptly and following up on overdue payments can maintain healthy cash flow and avoid disruptions to personal finances. of net business income.

Employment 162

Employment Health Insurance Pension Deductions 162

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. These teams typically collaborate closely with finance, HR, and legal departments to ensure accuracy and compliance.

Global Payroll 238

Global Payroll Payroll Payroll System Payroll Software 238

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

Employee Benefits

DECEMBER 19, 2023

It’s now more important than ever to support employees to take control of their finances. Create a budget – The first step to taking control of your finances is to create a budget. Many employers offer payroll-deducted savings schemes for effortless saving.

Finance 104

Finance Banking Pension Insurance 104

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

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. P-Fin Index - The TIAA Institute-GFLEC Personal Finance (P-Fin) Index, begun is 2017, measures multiple dimensions of U.S. The APR is often the designated index rate plus x%.

401(k) 232

401(k) Pension Taxes Deductions 232

Employee Benefits

JANUARY 19, 2023

As the cost of living crisis continues, it is now more important than ever that new parents understand how their finances will be affected and what actions they can take. WEALTH at work, a leading financial wellbeing and retirement specialist, highlights some top tips to help new parents stay in control of their finances: 1.

Finance 105

Finance Parental Leave Pension Salary 105

Qandle

JANUARY 29, 2025

5 Streamlines Benefit Deductions Benefit deductions, such as healthcare premiums, retirement contributions, and other employee benefits, can be complex to calculate. Payroll software simplifies this process by automatically applying the correct deductions based on employee benefits selections.

Payroll Software 93

Payroll Software Software Payroll Overtime 93

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. This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation.

Taxes 278

Taxes Pension Deductions Deductible 278

Money Talk

JANUARY 11, 2023

Below are ten suggestions to improve your finances during the year ahead: 1. The easiest way to “pay yourself first” is to have savings deducted automatically from your paycheck through a 401(k) or other workplace savings plan. Another new year is underway, which provides an incentive to get “your financial act together.”

401(k) 185

401(k) Finance Insurance Deductions 185

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

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

Money Talk

FEBRUARY 1, 2024

Payroll deductions for defined contribution plans, like 401(k)s, make adhering to advice to “pay your first” automatic. A good rule to follow to build financial knowledge is to learn one new thing every day about personal finance (e.g., Knowledge is Power- Wealth-building is enhanced with financial knowledge (e.g., budgeting).

401(k) 188

401(k) Finance Pension Commissions 188

Money Talk

JUNE 29, 2022

Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status.

401(k) 189

401(k) Out of Pocket Cost Finance Flexible Spending Account 189

Flimp Communications

FEBRUARY 25, 2025

According to a Bankrate survey , 75% of American adults say their anticipated tax refund is important to their finances. Employees can deduct up to $300 per month in transit account contributions and $300 per month in parking account contributions. Plus, those refunds matter. Commuter benefits. College savings accounts.

Taxes 69

Taxes Deductions Deductible Flexible Spending Account 69

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 Retail Deductions Deductible 201

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). This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation.

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

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. This post provides general personal finance information and does not address all the variables that apply to an individual’s unique situation.

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductions 187

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). This relieves family members of RMD hassles and the only loser is the IRS.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

PeopleKeep

FEBRUARY 14, 2024

Have you ever heard the term deductible when it comes to health insurance but aren’t quite sure what it means? Understanding the concept of a deductible is crucial for effectively managing your medical finances and making informed decisions.

Deductions 52

Deductions Deductible Health Insurance Finance 52

HR Lineup

OCTOBER 18, 2023

Workday Workday is an enterprise-level HR and finance management system that provides benefits administration as one of its many features. It automates processes such as eligibility determination, enrollment, and payroll deductions, reducing the likelihood of errors and saving time for HR teams.

Software 246

Software Retirement Plan Health Insurance Payroll 246

Best Money Moves

DECEMBER 9, 2024

With a dedicated financial wellness program, you can help employees manage their finances reducing stress and improving productivity. This added stress can drastically affect an employees finances, especially if they do not have an adequate amount saved and now, companies are providing solutions.

roth 401(k) 52

roth 401(k) 401(k) Benefits Package Paid Leave 52

Hppy

OCTOBER 28, 2024

Highlighting earnings and deductions, as well as paystubs, fosters transparency and trust between employers and employees. By providing a detailed record of wages and deductions, they help both employers and employees meet legal requirements. They provide a detailed breakdown of wages, taxes, and deductions.

Net Pay 36

Net Pay Deductions Deductible Management 36

Money Talk

AUGUST 15, 2024

Example: The amount provided by mortgage interest deductions is three times that of housing subsidies. This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. Also, the U.S. and bouncing ideas off of others for feedback.

Financial Counseling 140

Financial Counseling Education Finance Deductions 140

Money Talk

JUNE 13, 2024

Do Strategic Tax Planning- Explore tax planning strategies that may apply to your situation, such as bunching deductions, contributing to a Health Savings Account (HSA), Roth IRA conversions, or utilizing tax-loss harvesting to offset capital gains. As a result, there will be an increase in tax rates (e.g.,

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

HR Lineup

DECEMBER 1, 2023

QuickBooks Contractor Edition: Streamlining Finances with Precision QuickBooks Contractor Edition continues to be a stalwart in the realm of contractor payroll software. Ensure that the contractor payroll software you choose has built-in features to handle tax calculations, deductions, and other compliance-related tasks accurately.

Payroll Software 246

Payroll Software Payroll Software Taxes 246

Money Talk

DECEMBER 7, 2023

Knowing where you stand can inform tax-reducing strategies such as Roth IRA conversions, deferring income from 2023 to 2024, increasing retirement plan contributions, and “bunching” itemized deductions such as charitable contributions and property taxes due in early 2024.

Taxes 158

Taxes Retirement Plan Deductions Deductible 158

Money Talk

AUGUST 16, 2023

Tax Withholding Accuracy - With multiple income sources, accurate withholding is a must via payroll deduction, quarterly payments, and the safe harbor rules for under withholding. Medicare Premium Tax Write-Off - Self-employed people age 65+ who are enrolled in Medicare Part B and D can deduct their monthly premiums against business income.

Taxes 130

Taxes Pension Deductions Deductible 130

Money Talk

DECEMBER 21, 2022

Dollar-cost averaging works best if investment deposits are “automated,” such as authorizing 401(k) plan payroll deductions or automatically debiting a bank account monthly for mutual fund share purchases. For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan.

401(k) 180

401(k) Banking Food Deductions 180

WEX Inc.

JANUARY 9, 2025

Open enrollment is an important time for HR professionals and employers, since its the moment employees make decisions that impact their health, finances, and overall wellness for the coming year. Common topics include: Clarification of coverage details Questions about deductibles, copays, or reimbursement processes.

Employee Benefits 52

Employee Benefits Health Savings Account Taxes Education 52