WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

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Medical Flexible Spending Account Flexible Spending Taxes 98

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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. What is an FSA? Your employer can contribute to the FSA, but is not required to.

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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.

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WEX Inc.

SEPTEMBER 21, 2023

However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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Health Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. 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.

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

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.

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Taxes Health Savings Account Deductible Deductions 63

WEX Inc.

MAY 31, 2023

For those who have health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are opportunities to save money on these expenses. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. However, medical FSAs do.

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Medical Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

FEBRUARY 23, 2023

In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you. Add dependents Your HSA or FSA may cover your dependents’ costs if the dependents are claimed on your tax return. For HSAs, it's tax dependents and spouses.

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

Benefit Resource Inc.

MAY 11, 2021

We think it’s pretty obvious, but we LOVE Flexible Spending Accounts (FSAs). With roughly 160 Flexible Spending Account (FSA)-related blogs on our site concentrating on eligibility, spending options, plan strategy, savings, and more…we cover it all! Don’t wait until December to spend your funds.

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Flexible Spending Account Family and Medical Leave Act Flexible Spending Taxes 81

Benefit Resource Inc.

MARCH 12, 2019

This may be the shortest blog on pre-tax benefits you will ever read. We’re going to take 5 minutes to redefine 9 confusing pre-tax phrases used in pre-tax benefits. Pre-tax benefits. Pre-tax benefits are, in effect, a way to decrease your income before taxes so you pay less in taxes.

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Taxes Flexible Spending Account Health Savings Account Medical 63

Business Management Daily

NOVEMBER 30, 2021

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. However, they also can require careful documentation to ensure that funds were spent on approved expenses.

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Retail Healthcare Medical Flexible Spending Account 52

InterWest Insurance Services

JUNE 27, 2024

The IRS has issued a new bulletin, reminding Americans that funds in tax-advantaged medical savings accounts cannot be used to pay for general health and wellness expenses. If they are being reimbursed for non-medical items and services, they may run afoul of federal tax law.

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Out of Pocket Cost Flexible Spending Account Food Health Savings Account 98

Genesis HR Solutions

JANUARY 24, 2023

We suggest including it at the beginning of your handbook to make employees aware of the necessity of completing the document. Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits.

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Family and Medical Leave Act Overtime Parental Leave Health and Welfare 98

Genesis HR Solutions

SEPTEMBER 22, 2020

Flexible Spending Account (FSA). According to Healthcare.gov , a Flexible Spending Account (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. Documenting employee benefit elections. Retirement.

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401(k) Employee Benefits Disability Insurance roth 401(k) 98

Business Management Daily

NOVEMBER 15, 2021

Flexible Spending Accounts allow employees to set aside pre-tax dollars from their paycheck to use for medical or dependent care expenses. While flexible spending accounts are typically associated with medical costs there are a couple of different types of FSAs. Types of FSA Plans. Healthcare FSA.

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Flexible Spending Account Flexible Spending Medical Healthcare 98

WEX Inc.

MARCH 20, 2023

Your benefits administrator may also offer non-discrimination testing , which is required for flexible spending accounts (FSAs) , health reimbursement arrangements (HRAs) , and more. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel. Check out our handout.

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Employment Flexible Spending Account Flexible Spending Education 98

Benefit Resource Inc.

APRIL 10, 2024

What is a Dependent Care Flexible Spending Account (DCFSA)? First things first, let’s clarify what a dependent care flexible spending account actually is. The Power of Pre-Tax Dollars One of the most significant advantages of a DCFSA is the ability to use pre-tax dollars for eligible expenses.

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Flexible Spending Account Flexible Spending Taxes Utilities 52

Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This includes tax regulations, employment laws, minimum wage requirements, and any changes in payroll-related legislation.

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Benefit Resource Inc.

MARCH 17, 2022

Please know, we do understand that pre-tax benefits can be complex for people who don’t live and breathe the regulations surrounding them. When someone reads their required plan documents…). Any contributions you make to your HSA are made before taxes are applied. They also grow tax-deferred. It’s a win-win!

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Taxes Medical Flexible Spending Employment 98

Benefit Resource Inc.

FEBRUARY 11, 2020

As we welcome the first quarter of the year, we also prepare ourselves for tax season. Some of us may find ourselves dreading this task, knowing that we typically feel a little lost or overwhelmed when it comes to the specifics of filing our taxes. Make a Designated Tax File. Choose How You Will Prepare.

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Taxes Finance Banking Utilities 51

Benefit Resource Inc.

OCTOBER 18, 2018

If you have a Flexible Spending Account (FSA), you know that every year during Open Enrollment (OE), you choose how much to put aside in the account, otherwise known as your election. Let’s be honest– one of the main reasons you enrolled in a pre-tax account was to save money. Estimating Tax Savings.

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Deductible Deductions Health Flexible Spending Account 74

Money Talk

AUGUST 5, 2021

Also, cash-back and low-interest credit cards, pre-tax employer flexible spending accounts, negotiating (a.k.a., Ink-Conserving Printer Fonts - Select light versions of fonts before printing out documents. Take them out, heat them with a hair dryer, and gently shake them to see if any remaining ink can be saved. ¨

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Flexible Spending Account Banking Medical Flexible Spending 100

Benefit Resource Inc.

APRIL 7, 2020

Whether you have allergies or another ailment, you can use your HSA, FSA or HRA pre-tax dollars to help you get through it. Supporting documentation needed when submitting a claim. The post Treat allergy symptoms using pre-tax funds appeared first on BRI | Benefit Resource. Eligible items to help treat your allergy symptoms.

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Taxes Medical Flexible Spending IT 53

PeopleKeep

APRIL 30, 2020

Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Because the reimbursements occur pre-tax, employees and employers often save up to 50% in combined taxes on the cost of medical expenses. Flexible Spending Accounts (FSAs). Tax Treatment.

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Medical Flexible Spending Account Health Savings Account Health Insurance 59

Insperity

APRIL 16, 2015

This allows the PEO to handle functions such as payroll, benefits, tax remittance and related government filings. They will see the PEO’s name on their paycheck and other documents, but will likely appreciate the greater depth and breadth of benefits offered as a result. I-9 requirements. EEO reporting and claim resolution.

Payroll 98

Payroll Flexible Spending Account Disability Insurance Insurance 98

Benefit Resource Inc.

JULY 31, 2023

Amidst the excitement, many may not know that their Flexible Spending Account (FSA) can be a valuable resource for purchasing back-to-school items. An FSA is a pre-tax benefit account offered by many employers as part of their benefits package. Save Receipts: Keep all receipts and documentation related to FSA purchases.

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Utilities Flexible Spending Account Flexible Spending Medical 52

Benefit Resource Inc.

OCTOBER 16, 2018

As kids, there were fun games that helped us make choices… In benefits, we are often presented with a 50 page document and told “Here you go. ” Too bad making your pre-tax benefit account decisions is not as easy as pointing and saying “Eenie meenie miney mo – Which account should I choose? What is the account?

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Health Savings Account Flexible Spending Account Flexible Spending Medical 55

Benefit Resource Inc.

JANUARY 25, 2022

Within the tax code, there is a rule that states every expense or transaction from an FSA or HRA must be substantiated. When using a pre-tax benefits card to access these funds, certain systems or rules try to automatically prove the funds were used as intended. Then, you use your pre-tax benefits card to pay for the expense.

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IT Taxes Health Medical 75

Benefit Resource Inc.

MAY 2, 2019

My name is Jon and in these posts, I chronicle my adventures in saving with pre-tax accounts. Before I jump into the pre-tax plan element of this post, I want to make an announcement: I will be starting with a new company in June. The other is to avoid losing the existing funds in my pre-tax accounts. Limited FSA. Commuter Plan.

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Mining Flexible Spending Account Health Savings Account Taxes 68

Flimp Communications

SEPTEMBER 12, 2024

There are some things a new employee just needs to know, and written documents are often the most effective way to impart that essential information. Of course, these days, many, if not most, onboarding documents are digital, shared via email, web-based platforms, or mobile apps. Role-specific documents.

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Taxes Life Insurance Flexible Spending Account Banking 52

Business Management Daily

SEPTEMBER 22, 2021

HSA benefit plans: A health savings account lets employees set aside money on a pre-tax basis to pay for qualified medical expenses. FSA benefit plans: Flexible spending accounts also allow employees to set aside pre-tax dollars to cover qualified healthcare or dependent care expenses. Compile all the forms and material.

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Employment Deductible Deductions Benefit Providers 90

CorpStrat

JANUARY 17, 2023

Health flexible spending accounts (FSAs). Health FSA pre-tax contribution limit. Employees’ elective deferrals to 401(k) plans, pre-tax and Roth. Tax exclusion for adoption assistance benefits. Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year.

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401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

PeopleStrategy

NOVEMBER 7, 2017

If certain individuals received raises or promotions, make sure these changes are reflected in their current pay stubs as well as in tax documents and company records. This involves checking that your HR technology will continue to support compliance documentation and reporting under these changes.

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Flexible Spending Account Taxes Flexible Spending Retirement Plan 58

WEX Inc.

SEPTEMBER 26, 2024

Your benefits administrator may also offer non-discrimination testing , which is required for flexible spending accounts (FSAs) , health reimbursement arrangements (HRAs) , and more. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel. Download now!

Employment 52

Employment Flexible Spending Account Flexible Spending Education 52

Benefit Resource Inc.

FEBRUARY 17, 2023

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both incredibly valuable benefits to help employees use pre-tax dollars to pay for eligible medical expenses. Did you know the purchase of adaptive equipment, including automobile modifications and even elevator installation may be eligible?

Medical 52

Medical Telecommunication Flexible Spending Account Health Savings Account 52

Benefit Resource Inc.

JANUARY 5, 2021

Step one is going to be ditching paper account statements for electronic documents. You like sticking it to the man: The more money you put into your tax-free account, the less goes into the pocket of the IRS. At the very least, you should expect to receive some mail tied to your taxes.

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401(k) Health Savings Account Management Taxes 64