Money Talk

AUGUST 8, 2024

With less than five months remaining in 2024, now is the time to begin serious tax planning for your 2024 income tax return. I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Simply look at your 2023 tax return and divide your total tax owed by taxable income.

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Taxes Deductions Deductible Finance 176

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. A larger standard deduction means that taxpayers can shelter more income from income taxes. an elective surgery) that exceed 7.5%

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Taxes 401(k) Deductible Deductions 189

WEX Inc.

AUGUST 29, 2024

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? These benefits are designed to help people who are facing difficulties conceiving naturally and require medical assistance to achieve pregnancy.

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WEX Inc.

OCTOBER 2, 2024

Keep these factors in mind: Medical needs: Estimate your medical needs for the coming year. Do you anticipate regular doctor visits, ongoing prescriptions, or any planned medical procedures. Limited FSA as a savings account: Limited FSAs can also be used as a savings account for anticipated medical expenses.

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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.

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Employee Benefit News

APRIL 8, 2024

They can be a more tax-effective way to save for retirement than an IRA for those who are able to max out contributions and pay for medical expenses with other funds.

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PeopleKeep

JULY 22, 2024

However, soaring medical costs can make offering health benefits challenging for small business owners with limited budgets. With a QSEHRA, small employers can reimburse employees tax-free for qualifying medical expenses, including individual insurance premiums.

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Benefits Package Medical Taxes Insurance 105

WEX Inc.

SEPTEMBER 19, 2024

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. Let’s explore a few common vision-related questions as it relates to your HSA or medical FSA. It is not legal or tax advice.

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Health Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

NOVEMBER 14, 2024

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. You won’t need to pay Social Security or Medicare tax on the funds going into the FSA. Your employer owns your FSA.

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

WEX Inc.

JULY 10, 2024

These benefits go beyond the core offerings like medical, dental, and vision insurance. McDaniel notes these benefits “are designed to be supplemental to your major medical coverage to help fill in those gaps.” It is not legal or tax advice. ” Learn more about employee benefits by subscribing to our blog !

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WEX Inc.

JULY 9, 2024

When determining your total healthcare budget, it may be helpful to look back at your medical spending history and categorize your healthcare costs: Routine: These are your anticipated healthcare expenses, even if they may fluctuate. Funds generally grow tax-free within an HSA, but only about 8% of HSAs are investing.

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HR Lineup

APRIL 4, 2025

The software enables seamless workforce scheduling and time tracking, ensuring that hospitals and medical facilities can maintain optimal staffing levels. Its core functionalities include payroll and tax compliance automation, time and attendance tracking, and a learning management system (LMS) to facilitate continuous staff training.

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PeopleKeep

OCTOBER 23, 2024

With a QSEHRA, employees can buy their own individual health insurance policies and get tax-free reimbursements for their premiums and other medical costs. Thankfully, there’s an alternative: the qualified small employer health reimbursement arrangement (QSEHRA).

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Patriot Software

OCTOBER 19, 2022

Because each state has different laws, you may have more tax responsibilities than an employer in another state. If you are an employer in Massachusetts, you might be required to pay the employer medical assistance contribution (EMAC) tax. What […] READ MORE.

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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. And though they aren’t part of Section 125, testing is also required for health reimbursement arrangements (HRAs) and self-insured medical plans (SIMPs). What plans require non-discrimination testing?

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WEX Inc.

DECEMBER 3, 2024

Medical flexible spending accounts (medical FSAs) are use-or-lose accounts. Remind them of your plan rules More than a year passes between the time your employees choose to participate in a medical FSA and the end of that FSA’s plan year. Does my medical FSA have a grace period ? It is not legal or tax advice.

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Flexible Spending Account Flexible Spending Medical Taxes 98

Flimp Communications

DECEMBER 5, 2024

April: Essential Money-Saving Tips April is tax season, and money will be on your employees’ minds. In particular, they will be looking to maximize their tax refunds, but even non-tax-related financial advice is welcome this time of year.

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WEX Inc.

JULY 30, 2024

Keep the conversation focused on the value benefits have on your company, including: Employee retention Attraction of more talent Health/medical coverage is necessary Employee work/life balance Show proof of benefits plan success After presenting your information, the conversation can go many ways. It is not legal or tax advice.

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HR Digest

MARCH 12, 2025

This article unpacks the fringe benefits definition, explores their types and examples, and offers a clear overviewincluding tax implications and practical guidance for employers navigating the IRS fringe benefits guide. The Tax Angle: Taxable Fringe Benefits and IRS Guidance Not all employee perks are tax-free.

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WEX Inc.

OCTOBER 30, 2024

Health savings accounts (HSAs) HSA participants save money by contributing funds to their HSA pre-tax. Ensure these resources highlight the triple-tax savings, long-term investment potential, and portability between jobs that HSAs offer. It is not legal or tax advice. The funds are then available for use on eligible expenses.

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Money Talk

MARCH 24, 2022

Five major “large loss” risks for older women are the death of a spouse (resulting in reduced income or benefits), damage to (or destruction of) a home, liability claims due to court judgements, large medical expenses, and high long-term care expenses (e.g., 401(k)s), tax-deferred accounts (e.g., 401(k)s), tax-deferred accounts (e.g.,

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Employee Benefits

MAY 22, 2023

What is private medical insurance (PMI)? PMI is a type of insurance designed to cover medical expenses incurred during illness or injury, such as operations, consultations, diagnostic investigations and tests. Are there any tax or legal implications? What are the cost implications?

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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!

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Medical Flexible Spending Account Flexible Spending Deductions 98

PeopleKeep

OCTOBER 4, 2024

That’s why more employers are turning to personalized benefits like health reimbursement arrangements (HRAs), which offer employers more budget control and employees more flexibility over their medical care. One type of HRAs is the individual coverage HRA (ICHRA).

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WEX Inc.

OCTOBER 29, 2024

Critical illness insurance : In the unfortunate event of a major illness, this insurance can provide a lump-sum payment to help cover medical expenses, mortgage payments, or other financial obligations. 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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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. We answer a few common dental-related questions as it relates to your HSA or medical FSA. Can I use my HSA or medical FSA to pay for dental expenses? However, medical FSAs do.

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Medical 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) ? 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.

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Money Talk

JANUARY 4, 2023

Taxes - The average income tax refund in 2022 was $3,039, but some families with advanced child tax credits faced tax payments. Some states held sales tax holidays in response to high inflation. Many home buyers backed out of deals or coped with lock-in fees and higher down payments.

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InterWest Insurance Services

MARCH 4, 2022

Employers fund these accounts, which reimburse your staff for qualified medical expenses and, in some cases, insurance premiums. You can claim a tax deduction for the funds you transfer to your employees’ HRAs, and the funds they withdraw from the accounts to reimburse for medical-related expenses are generally tax-free.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductions 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

Flimp Communications

DECEMBER 10, 2024

For employees, it means paying out of pocket for expenses that could have been purchased with pre-tax dollars. Employees can also stock up on first-aid kits or upgrade their home medical supplies. Employees caring for elderly parents may also be eligible to use FSA funds for medical alert systems or in-home health supplies.

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PeopleKeep

JULY 2, 2021

Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.

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Money Talk

DECEMBER 22, 2021

Income Tax Changes - Each year, income ranges for federal marginal tax brackets are indexed for inflation. The IRS publishes tables with the income ranges for four filing status categories and seven tax rates that currently range from 10% to 37%. Estate and Gift Tax Exemption - The exemption amount in 2022 will be $12.06

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401(k) Pension Taxes Deductions 232

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. BONUS: ID Theft Services are comprehensive and can cover your bank accounts, medical IDs, social security numbers and even email addresses.

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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.

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Flexible Spending Account Taxes Pension Deductions 187

HR Lineup

NOVEMBER 30, 2021

These services include HR consulting, payroll processing and tax filing, employees’ compensation insurance, safety, and risk management services, hiring across various jurisdictions, retirement vehicles, and more. Medical coverage, including dental and vision. Educational assistance. Drug testing. Life insurance. Disability insurance.

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Ahmed's Universe

SEPTEMBER 28, 2013

The only thing growing at double-digit figures in Brazil are prices There are several reasons why prices are so high: poor infrastructure, red tape, high taxes, low productivity. I would single out two of these: high taxes and low worker productivity. High taxes are not in and of themselves a bad thing.

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