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 218

Employment Deductions Deductible Taxes 218

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.

Deductible 242

Deductible Deductions Insurance Banking 242

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 Deductible 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

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 164

Employment Health Insurance Pension Deductible 164

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 194

Pension Taxes Deductible Deductions 194

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

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) 234

401(k) Pension Taxes Deductible 234

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

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) 191

401(k) Finance Pension Commissions 191

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

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 Deductible Deductions 278

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) 216

401(k) Finance Medical Deductible 216

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) 186

401(k) Finance Deductible Deductions 186

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 184

Insurance Deductible Deductions Health Insurance 184

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 204

Food Deductible Deductions Retail 204

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

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 188

Flexible Spending Account Taxes Pension Deductible 188

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

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) 188

401(k) Taxes Retirement Plan Pension 188

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.

Deductible 52

Deductible Deductions Health Insurance Finance 52

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 142

Financial Counseling Education Finance Deductible 142

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

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 126

Taxes 401(k) Retirement Plan Health Savings Account 126

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 160

Taxes Retirement Plan Deductible Deductions 160

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 Deductible Deductions 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) 181

401(k) Banking Food Deductible 181

Ahmed's Universe

JULY 20, 2011

The subsidiary, sometimes under constant prodding from you, will have to finance it and if the local market does not warrant it (you were a one-off case) you may wait a long time for that statutory report on overtime pay required by the government of Brazil.

Payroll 218

Payroll Global Payroll Payroll System Engineering 218

Benefit Resource Inc.

DECEMBER 8, 2023

As we celebrate the 20th anniversary of Health Savings Accounts (HSAs), it’s time to reflect on the transformative impact this financial tool has had on healthcare and personal finance. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

Health Savings Account 98

Health Savings Account Flexible Spending Account Healthcare Taxes 98

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 Deductible Deductions 98

Employee Benefits

AUGUST 9, 2023

It offers financial wellbeing support , provided by Salary Finance, such as lower interest and higher acceptance rate loans, and a help-to-save scheme that deducts savings from salaries each month, and has launched a dedicated intranet site for its cost-of-living support.

Hospitality 98

Hospitality Finance Salary Electronics 98

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.

Deductible 54

Deductible Deductions Taxes Work From Home 54

InterWest Insurance Services

JULY 20, 2022

Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses. Financial wellness.

Education 96

Education 401(k) Deductions Deductible 96

InterWest Insurance Services

JULY 18, 2024

The biggest driver: personal finances One of the main drivers of this surge in employee uptake of voluntary benefits is that they can often defray expensive and sudden expenses. The funds can be used as needed to help cover things like deductibles, out-of-pocket medical costs or everyday living expenses. Accident insurance rose 4%.

Voluntary Benefits 89

Voluntary Benefits Hospitality Health Insurance Deductible 89

Money Talk

JUNE 24, 2021

It is safe to say that COVID-19 impacted the finances of every American in one or more ways. Assess Where You Are Now - Prepare a net worth statement (assets minus debts) to get a current “snapshot” of your finances. It was a tsunami that swept up everyone. Economic impacts were far from even, however.

401(k) 100

401(k) Finance Entertainment Pension 100

Employee Benefits

DECEMBER 2, 2022

Managing finances over the next few months will be the number one priority for many employees as energy prices increase and Christmas becomes even costlier. Employee discounts are without doubt one of the best employee benefits to help staff save and manage their finances through the winter. Employee discounts.

Finance 98

Finance Banking Food Deductible 98

Business Management Daily

DECEMBER 1, 2019

Hourly-paid nonexempts are impacted only to the extent of withholding and deductions. So you must plan in advance, getting all the appropriate departments—HR, Accounting, Finance, IT and the C-suite—on board. Employees’ benefits deductions and allowances (e.g., Do nothing. Three problems arise. Digging deeper.

Payroll 83

Payroll 401(k) Deductions Deductible 83