WEX Inc.

NOVEMBER 14, 2024

You must be enrolled in a high-deductible health plan (HDHP) to be eligible, which lowers you insurance premiums. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

401(k) 98

401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

Flimp Communications

FEBRUARY 25, 2025

As the April tax filing deadline is nearing, Americas employees let out a collective groan. This isnt a comment on the economy or current tax policies. Tax season has always arrived with a jolt. Tax filing forces people to honestly assess their incomes, savings plans, and progress toward their financial goals.

Taxes 69

Taxes Deductible Deductions Flexible Spending Account 69

PeopleKeep

NOVEMBER 6, 2020

Many small organizations we talk to want to know more about the tax deductibility of medical premiums. This article discusses when medical premiums are eligible pre-tax as opposed to after-tax.

Taxes 75

Taxes Medical Deductions Deductible 75

Kollath CPA

DECEMBER 21, 2022

The operative word for business deductions is business. But Block notes the tax laws are very serious. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts.

Deductible 97

Deductible Deductions Taxes Medical 97

InterWest Insurance Services

FEBRUARY 20, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

Higginbotham

MARCH 24, 2025

Health Savings Accounts (HSAs) can be a flexible and tax-advantaged way to pay for health care costs. You can build up your HSA with pre-tax contributions and use it for qualified health expenses. But, once you enroll in Medicare, you can no longer make contributions or receive contributions from your employer into your HSA account.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

WEX Inc.

SEPTEMBER 4, 2024

Consider whether you typically have low or high medical expenses. If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. Learn more about HSA-eligible health plans (or high-deductible health plans ) in our graphic below.

Deductions 52

Deductions Deductible Flexible Spending Account Healthcare 52

Benefit Resource Inc.

NOVEMBER 8, 2023

If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Participants often do not understand that separate elections must be made for Medical and Dependent Care Accounts. Did You Know? Great question!

Medical 98

Medical Flexible Spending Account Flexible Spending Deductible 98

WEX Inc.

NOVEMBER 27, 2024

Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment. The IRS sets deductible limits that determine what is an HDHP. But there are high-deductible PPOs, as well.

Deductions 52

Deductions Deductible Health Savings Account Flexible Spending Account 52

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g., high income years) to exceed the standard deduction and benefit from itemizing. All of these will impact 2021 taxes that are due in April.

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductible 187

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.

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Deductible Deductions Health Savings Account Retirement Plan 98

InterWest Insurance Services

MARCH 4, 2022

While health savings accounts have grown in popularity, you can only offer them to employees who are enrolled in high-deductible health plans. Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums. Qualified medical expenses. How HRAs work.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductions 98

Money Talk

JULY 25, 2024

Set aside a portion of self-employment income to send to the IRS for quarterly estimated tax payments (and/or over-withhold on a pension or Social Security) to ensure compliance with tax regulations. Contributions to non-Roth accounts are often tax-deductible, thereby reducing adjusted gross and, ultimately taxable, income.

Employment 162

Employment Health Insurance Pension Deductible 162

Benefit Resource Inc.

JUNE 20, 2019

Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?

Deductible 53

Deductible Deductions Taxes Health Savings Account 53

WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. We’ve provided a list of the top things a first-time medical FSA participant should be aware of in order to take full advantage of their FSA.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. Add In Pre-Tax Benefits. Take Advantage of a Medical FSA. Plus, any interest earned on the account is tax free and the money is ALWAYS yours!

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Utilities Taxes Flexible Spending Account Flexible Spending 98

Patriot Software

AUGUST 29, 2022

This article has been updated to include 2022 tax information. As an employer, you must stay on top of your payroll responsibilities, including federal, state, and local taxes and deductions. If you are an employer with employees who work in Washington state, you need to know about the Washington paid family leave program.

Medical 19

Medical Deductions Deductible Taxes 19

InterWest Insurance Services

JUNE 20, 2024

The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. Under its rules, HSAs, which help employees save for medical expenses, are only available to those enrolled in qualified HDHPs. They are not taxed on withdrawals. Medical devices.

Deductions 97

Deductions Deductible Health Savings Account Medical 97

PeopleKeep

OCTOBER 26, 2020

A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free.

Deductible 75

Deductible Deductions Health Savings Account Health Insurance 75

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. Let’s start by exploring a Medical FSA. Medical FSA.

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Taxes Health Savings Account Medical Deductible 74

CorpStrat

JULY 30, 2021

What if we told you there was a way you can deduct all of the medical expenses that are not covered by your insurance plan. We’re talking about things like deductibles, co-insurance, doctor visits, doctor’s who don’t take insurance, eyeglasses, therapy, etc. Doesn’t that sound interesting? Sole Proprieters.

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Deductible Deductions Medical Insurance 52

Benefit Resource Inc.

OCTOBER 31, 2022

But, there’s one thing that doesn’t have to be scary this Halloween —your pre-tax benefits! A Flexible Spending Account (FSA) account allows you to have pre-tax deductions for certain medical and dependent care expenses. HSAs are available to people who are enrolled in a high-deductible health plan (HDHP).

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Best Money Moves

DECEMBER 9, 2024

Employees look for solutions to their unique problems from building retirement savings to handling unexpected medical expenses. Inclusive health benefits are still widely sought after Medical costs continue to be a major concern for employees going into 2025. The common theme emerging from this years insights is personalization.

roth 401(k) 52

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

InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. And if they have a medical emergency, they may have to take on debt to pay for the care.

401(k) 98

401(k) Deductions Deductible Health Savings Account 98

InterWest Insurance Services

JUNE 6, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. And if they have a medical emergency, they may have to take on debt to pay for the care.

401(k) 96

401(k) Deductions Deductible Health Savings Account 96

Money Talk

AUGUST 15, 2024

Example: The amount provided by mortgage interest deductions is three times that of housing subsidies. Not enough supporting medical evidence, 2. Failure to attend a scheduled medical exam, and 3. Failure to attend a scheduled medical exam, and 3. A disability is not connected to military service.

Financial Counseling 140

Financial Counseling Education Finance Deductible 140

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

Taxes 63

Taxes Health Savings Account Deductible Deductions 63

WEX Inc.

JUNE 13, 2024

The average 65-year-old couple retiring today will need $351,000 to cover healthcare and medical costs in retirement. An HSA is … A health savings account (HSA) is a tax-advantage account that participants can pay for healthcare expenses, save for the future, and invest to build your savings.

401(k) 96

401(k) Retirement Plan Health Savings Account Deductible 96

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. HSAs allow your employees to put away funds to pay for future medical expenses. Withdrawals to reimburse for these expenses are also not taxed.

401(k) 98

401(k) Health Savings Account Pharmaceutical Deductions 98

WEX Inc.

SEPTEMBER 18, 2024

Increasingly, employers are offering their employees both HSA-eligible health plans (or high-deductible health plans ) and traditional health plans. For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Engage in opportunities to learn more about available plans.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Healthcare 52

InterWest Insurance Services

SEPTEMBER 23, 2024

These plans allow workers to withhold a portion of their pre-tax salary to cover certain medical or childcare expenses. The benefits are free from federal and state income taxes, employees’ taxable income is reduced and that means that employers don’t have to pay FICA on those dollars.

Flexible Spending Account 94

Flexible Spending Account Benefits Package Deductible Deductions 94

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

WEX Inc.

MAY 2, 2024

Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are great tools for you and your employees to save money, and for your employees to prepare for potential medical expenses. For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Investment potential.

Health Savings Account 98

Health Savings Account 401(k) Flexible Spending Account Taxes 98

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. Or check out this episode of Benefits Buzz to learn eight things you should know about medical FSAs.

Flexible Spending Account 98

Flexible Spending Account Deductible Deductions Health 98

InterWest Insurance Services

OCTOBER 27, 2022

As health care costs continue rising and employees are being asked to shoulder more of the expense burden, you can help them by offering a tax-advantaged plan that allows them to save for medical expenses. Employees can save an average of 30% in federal, state and local taxes on items they already pay for out of pocket.

Flexible Spending Account 97

Flexible Spending Account Employment Flexible Spending Deductions 97

WEX Inc.

AUGUST 15, 2023

Consider whether you typically have low or high medical expenses. If you rarely require medical care and prefer to save on monthly premiums, a plan with a higher deductible and lower premiums might be suitable. Learn more about HSA-eligible health plans (or high-deductible health plans ) in our graphic below.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98