InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. An FSA must be funded exclusively through employer contributions or employee pre-tax contributions, or a combination of the two. That’s up $30 from this year.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 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

Money Talk

JUNE 28, 2023

Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. The 2023 maximum pre-tax contribution is $3,050.

Flexible Spending Account 242

Flexible Spending Account Banking Health Savings Account Taxes 242

WEX Inc.

DECEMBER 3, 2024

Medical flexible spending accounts (medical FSAs) are use-or-lose accounts. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. How well do your employees understand their FSA’s plan rules?

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Taxes 98

WEX Inc.

AUGUST 28, 2024

Testing shows whether or not your tax-advantaged plans are discriminating in favor of highly compensated employees or key employees. The IRS requires non-discrimination testing for employers who offer plans governed by Section 125 , which includes a flexible spending account (FSA).

Flexible Spending Account 95

Flexible Spending Account Flexible Spending Medical Taxes 95

WEX Inc.

DECEMBER 11, 2024

Fortunately, health savings accounts (HSAs) and flexible spending accounts (FSAs) cover many common winter eligible expenses you might turn to this time of year! You can use pre-tax dollars to save money on purchases such as hot/cold packs and heating pads. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Benefit Resource Inc.

APRIL 7, 2023

Since April is Stress Awareness Month, we’ve highlighted five pre-tax benefit services and resources to keep your stress levels low and your health levels high. Savings If you have a pre-tax benefit account like a Flexible Spending Account , Health Savings Account , or Commuter Benefit Account , you’re already ahead of the game.

Taxes 98

Taxes Flexible Spending Account Health Savings Account Flexible Spending 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. Plus, any interest earned on the account is tax free and the money is ALWAYS yours! Set SMART Goals.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

WEX Inc.

JANUARY 2, 2025

A dependent care FSA allows employees to save up to 30% or more on childcare or elder care costs by using pre-tax dollars, lowering their taxable income. 5 common FSA terms you should know Boost your understanding of flexible spending accounts (FSAs) by mastering these 5 common terms. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 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., Another tax-advantaged way to benefit from charitable gifts is to open a donor advised fund (DAF) with a major brokerage firm.

Flexible Spending Account 187

Flexible Spending Account Taxes Pension Deductions 187

WEX Inc.

DECEMBER 18, 2024

Flexible spending accounts (FSA) Flexible spending accounts (FSAs) offer a valuable tax-advantaged benefit, but the IRS use-or-lose rule can result in forfeited funds if employees dont use their balances by the deadline. It is not legal or tax advice. March 3, 2025: Provide 1095-C forms to employees.

Family and Medical Leave Act 52

Family and Medical Leave Act Flexible Spending Account Flexible Spending Insurance Carriers 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! Commuter benefits, flexible spending accounts, dependent care, and health savings accounts are just a few of the great employee benefits available to help you save money and reduce stress. FSAs are Frightfully Easy.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Flimp Communications

DECEMBER 10, 2024

As year-end draws closer, countless employees unknowingly leave money on the tablemoney theyve set aside for healthcare through their Flexible Spending Accounts (FSAs). For employees, it means paying out of pocket for expenses that could have been purchased with pre-tax dollars.

Utilities 98

Utilities Family and Medical Leave Act Flexible Spending Account Medical 98

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

Benefit Resource Inc.

MAY 6, 2019

Two of the most common options are a Dependent Care FSA or the child care tax credit. A Dependent Care Flexible Spending Account (DC FSA) helps employees pay for eligible child care expenses by reducing taxable income through payroll deductions. The savings vary depending on which tax bracket an employee is in.

Taxes 85

Taxes Flexible Spending Account Flexible Spending Deductible 85

WEX Inc.

JANUARY 8, 2025

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. It is not legal or tax advice.

Flexible Spending Account 52

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

WEX Inc.

JANUARY 14, 2025

Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Retirement planning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Retirement Plan 52

Flimp Communications

OCTOBER 30, 2024

Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds. Higher HSA enrollment and usage can take a bite out of your company’s FICA taxes. And by investing your HSA, you can actually make money tax-free. Invest, Invest, Invest!

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

WEX Inc.

OCTOBER 15, 2024

While HSAs combine several of the best features of 401(k)s and flexible spending accounts (FSAs), they are often overlooked and underutilized. Employers’ contributions to employees’ HSAs are tax deductible. In addition, employees’ contributions to their own accounts reduce employers’ payroll taxes.

401(k) 52

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

Money Talk

JUNE 29, 2022

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. Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team.

401(k) 189

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

Insperity

NOVEMBER 26, 2024

Add health savings accounts and flexible spending accounts. Child and elder care assistance (flexible spending accounts or company reimbursements to cover these costs). For example, some employers are adopting health plans that cover, or at least provide some reimbursement for, reproductive health.

Employee Benefits 72

Employee Benefits Family and Medical Leave Act PTO Flexible Spending Account 72

WEX Inc.

SEPTEMBER 18, 2024

For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Use available tools and resources to learn more about pre-tax benefits and to plan for the year ahead. Consider any major life changes you and your family have experienced in the previous year.

401(k) 52

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

WEX Inc.

SEPTEMBER 24, 2024

HSAs and FSAs: Service dog expenses Health savings accounts (HSAs) and flexible spending accounts (FSAs) may provide an additional avenue for covering the cost of a service dog. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

Recruitment 52

Recruitment Flexible Spending Account Health Savings Account Medical 52

WEX Inc.

SEPTEMBER 4, 2024

HSAs and FSAs as an option Health savings accounts (HSAs) and flexible spending accounts (FSAs) are among the pre-tax accounts you can contribute funds to and save money on healthcare costs. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

Deductible 52

Deductible Deductions Flexible Spending Account Healthcare 52

McDermott Will & Emery Employee Benefits

JUNE 1, 2023

The Internal Revenue Service (IRS) recently issued a Chief Counsel Advice memorandum to remind sponsors of health and dependent care flexible spending arrangements (FSAs) about their responsibility to adequately substantiate claims in order to receive favorable tax treatment under Section 125 of the Internal Revenue Code (the Code).

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Flexible Spending Taxes Employee Benefits Health and Welfare 98

HR Lineup

MAY 9, 2023

In addition to health insurance and retirement savings plans, Pazcare also offers flexible spending accounts (FSAs). FSAs are pre-tax accounts that employees can use to pay for eligible healthcare expenses, such as medical bills or prescriptions.

401(k) 130

401(k) Flexible Spending Account Health Insurance PTO 130

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

InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

Flexible Spending Account 96

Flexible Spending Account 401(k) Flexible Spending Deductible 96

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. Is it more advantageous to have a DC FSA or to claim the Child Care Tax Credit on my income tax return? Great question!

Medical 98

Medical Flexible Spending Account Flexible Spending Deductible 98

WEX Inc.

NOVEMBER 27, 2024

Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. Pre-tax employee benefits plans, such as HSAs and flexible spending accounts (FSAs) , let you save money by putting aside pre-tax dollars to pay for eligible medical, dental, vision and other expenses.

Deductible 52

Deductible Deductions Health Savings Account Flexible Spending Account 52

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.

401(k) 98

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

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.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Consulting 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 Deductible 97

WEX Inc.

OCTOBER 9, 2024

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer some HSA and FSA FAQs. The tax savings are significant. It is not legal or tax advice.

Flexible Spending Account 95

Flexible Spending Account Health Savings Account Flexible Spending Taxes 95

Benefit Resource Inc.

APRIL 11, 2019

In this post, we’ll provide a bit of background about what the Flexible Spending Account (FSA) rollover option is and how it works. The post Pre-tax terms: R is for “Rollover” appeared first on Benefit Resource, Inc. What is the FSA rollover option? Data based on BRI clients as of June 2018.

Taxes 76

Taxes Flexible Spending Account Medical Flexible Spending 76

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