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 216

Employment Deductions Deductible Taxes 216

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

Deductions 98

Deductions Deductible Taxes Health Insurance 98

Money Talk

JANUARY 18, 2023

Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more. 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).

401(k) 246

401(k) Banking Deductions Deductible 246

InterWest Insurance Services

DECEMBER 9, 2021

In addition, new rulemaking is likely to be introduced in 2022 that will affect health plans, including non-discrimination rules for wellness plans and new rules governing what must be included on insurance plan ID cards. 1, 2022, HDHPs must charge enrollees for telehealth services if they have not yet met their deductible. .

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductions 98

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.” What Is a Fully Insured Health Plan? These individuals or employers are then free to accept the new premium rates or shop around with other insurance carriers. What Is Pooling?

Insurance Carriers 98

Insurance Carriers Insurance Family and Medical Leave Act Employment 98

InterWest Insurance Services

SEPTEMBER 9, 2022

Even though the majority of workers receive health insurance coverage on the job, a new survey has found that many of them understand surprisingly little about their health plans and are leaving money on the table. The study shows just how little many people know about their health insurance coverage. What you can do.

Health Insurance 98

Health Insurance Insurance Deductions Deductible 98

InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. Gap plans can help by providing coverage when employees have not met their health care deductible.

Health Insurance 98

Health Insurance Insurance Out of Pocket Cost Deductions 98

InterWest Insurance Services

JULY 11, 2023

Commercial property insurance rates remain stubbornly high in California for businesses with properties that are susceptible to wildfire risks. To make matters worse, more insurers are either scaling back or ceasing to cover businesses in these areas, resulting in many companies scrambling to find replacement coverage.

Insurance 98

Insurance Deductions Deductible IT 98

Money Talk

JUNE 28, 2023

Use this information to adjust payroll deductions for a health care FSA (up or down). Search for banks that offer attractive rates and FDIC insurance and consider moving your money. Another cash equivalent asset to consider is FDIC-insured certificates of deposit (CDs) sold by online banks and brokerage firms.

Flexible Spending Account 242

Flexible Spending Account Banking Taxes Health Savings Account 242

InterWest Insurance Services

DECEMBER 28, 2021

For example, even with insurance, treating a broken leg or undergoing emergency appendicitis surgery can mean thousands of dollars in out-of-pocket medical costs. Fortunately, employers can help by offering their workers voluntary hospital indemnity insurance that can provide peace of mind in case they have a serious medical episode.

Voluntary Benefits 98

Voluntary Benefits Hospitality Insurance Out of Pocket Cost 98

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

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.

Deductions 97

Deductions Deductible Health Savings Account Taxes 97

Employee Benefit News

NOVEMBER 17, 2023

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

Deductions 114

Deductions Deductible Insurance Employment 114

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%.

Deductions 98

Deductions Deductible Family and Medical Leave Act Health Savings Account 98

InterWest Insurance Services

AUGUST 22, 2024

Voluntary group life insurance is offered to employees as an optional benefit, and often employers will pay the small premium as an employee retention tool and to provide workers some peace of mind for their families. Internal Revenue Code Section 79 governs the taxation of this employer-provided life insurance.

Life Insurance 98

Life Insurance Insurance Medical Deductions 98

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 163

Employment Health Insurance Pension Deductions 163

Money Talk

DECEMBER 16, 2021

This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. Find an App- Use an app to get information about the cost of various medical procedures for people with different types of insurance in different parts of the country.

Medical 231

Medical Health Insurance Hospitality Insurance 231

InterWest Insurance Services

APRIL 27, 2022

Surprise bills and billing errors are driving growing dissatisfaction among Millennials and Gen Zers with their health insurance, a new study has found. Already facing outsized medical cost hits, an increase in billing mistakes and surprise bills is contributing to a dim view of health insurance among Millennials and Gen Zers.

Health Insurance 98

Health Insurance Insurance Health Savings Account Deductions 98

InterWest Insurance Services

JULY 18, 2023

Skyrocketing claims costs and higher accident rates are pressuring the commercial auto insurance market, as insurers impose increasingly larger rate hikes and more are pulling out of the market or restricting who they will cover. According to the National Insurance Crime Bureau , there were 64,000 such theft claims in the U.S.

Insurance 98

Insurance Transportation Commissions Deductions 98

Patriot Software

JUNE 18, 2024

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

Disability Insurance 80

Disability Insurance Taxes Insurance Deductions 80

InterWest Insurance Services

DECEMBER 14, 2021

Increasing construction project delays are combining with a hardening market for builder’s risk and liability insurance to create headaches for project owners and contractors. Owners need to understand the insurance marketplace and take steps in advance to keep insurance issues from throwing a monkey wrench into a project.

Insurance 98

Insurance Construction Deductions Deductible 98

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

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). Medicare - Older adults age 65+ who are on Medicare, begin working again, and receive primary creditable employer-provided health insurance coverage (i.e., food, gas, utilities, housing, etc.)

Disability Insurance 246

Disability Insurance Taxes Health Insurance Pension 246

Money Talk

JANUARY 4, 2024

Life Insurance - This is money transferred to a beneficiary via a deceased person’s life insurance policy. Like inheritances, life insurance is generally not subject to income tax. Tax Refund Adjustments - Sometimes people miss a tax credit, deduction, or adjustment and need to file an amended tax return.

Life Insurance 177

Life Insurance Pension Benefit Retail Taxes 177

Patriot Software

AUGUST 22, 2022

And chances are, you probably have to deal with a few types of payroll deductions, like 401(k) or health insurance, when paying employees. But, what happens when you have to deal with a deduction that you don’t have consent for, like a correction for a payroll error? […] READ MORE.

Deductions 84

Deductions Deductible 401(k) Payroll 84

Money Talk

OCTOBER 25, 2023

Insurance Play “what if?” (e.g., 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.

Food 202

Food Deductions Deductible Retail 202

InterWest Insurance Services

JUNE 22, 2023

market, in March 2023 announced that they will cap the cost of insulin for people with private insurance plans. The changes mean some or many of your employees will see significant reductions in their pharmaceutical outlays, particularly if they have high copays or deductibles. The new pricing will take effect Jan.

Insurance 94

Insurance Out of Pocket Cost Pharmaceutical Deductions 94

InterWest Insurance Services

JULY 6, 2023

More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. This is good news for patients and employers, who may end up benefiting from lower plan costs, as well as lower out-of-pocket expenses for employees.

Insurance 94

Insurance Out of Pocket Cost Hospitality Health Savings Account 94

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

WEX Inc.

JULY 20, 2023

Deductible options The words “health”, “coverage”, “insurance”, and “deductible” were among the most frequent words to appear when participants were asked in our survey what was missing from their benefits. Specific responses included: “A lower deductible or copay options would be an improvement.”

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

Business Management Daily

OCTOBER 6, 2021

Open enrollment is right around the corner, so this is the perfect time to take a closer look at the health insurance coverage that you are offering to employees and make sure that it includes appropriate coverage for mental health. Are mental health services covered by health insurance? High copayments on appointments.

Health Insurance 98

Health Insurance Insurance Employment Deductions 98

Money Talk

OCTOBER 19, 2023

Affluent older adults may choose to self-insure for this risk and low-income persons generally apply for Medicaid. People in the middle-income range might consider long-term care insurance, family support, asset liquidation/downsizing, and other planning strategies.

401(k) 215

401(k) Finance Medical Deductions 215

InterWest Insurance Services

JANUARY 17, 2023

If you decide to keep them on the company’s plan, how you handle their insurance depends on your size: Fewer than 20 employees — Employees who work for these firms will need to enroll in Medicare when they turn 65. Medicare will be the primary payer of health insurance claims for these workers under the law.

Health Insurance 97

Health Insurance Insurance Health Savings Account Hospitality 97

InterWest Insurance Services

MAY 2, 2024

These terms describe types of dental insurance plans. Both HMOs and DMOs attempt to save money and reduce expenses by restricting the number of care providers that the insurance company will allow in the plan. Indemnity plans If you have an indemnity plan, you can generally see any dentist who is willing to accept the insurance.

Insurance 86

Insurance Out of Pocket Cost Deductions Deductible 86

InterWest Insurance Services

OCTOBER 31, 2024

Simple health insurance is insufficient to carry the load. Over 80% of middle-market respondents report that they got their health insurance, disability insurance and retirement plan all through their employer. Meanwhile, six in 10 have no life insurance in place outside of the workplace.

Disability Insurance 98

Disability Insurance Life Insurance Deductions Deductible 98

InterWest Insurance Services

JUNE 17, 2022

As climate change continues to create more turbulent weather and natural catastrophes, commercial property insurance rates are still climbing — and the recent surge in inflation is adding fuel to the cost of coverage. That’s adding to the cost of insurance across the board, even for properties in lower-risk areas.

Insurance 98

Insurance Deductions Deductible Construction 98

InterWest Insurance Services

JANUARY 17, 2023

Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey. These are the top 15 non-insurance benefits for U.S. If they need to cover a bill or cash gets tight, they can draw from this fund to bridge a financial gap.

401(k) 98

401(k) Health Insurance Insurance Voluntary Benefits 98