Money Talk

MAY 18, 2022

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. In an earlier blog post , I described 12 tax planning topics for 2022. Improve Your Tax Records - If disorganized records were a problem for 2021 taxes due in 2022, set up a better system.

Taxes 262

Taxes 401(k) Deductions Deductible 262

Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% This includes Social Security recipients, retirees with COLA-adjusted pensions, and workers with COLAs stipulated in their job or union contracts. 401(k)s) and IRAs are pegged to inflation. million in 2022).

401(k) 245

401(k) Banking Deductions Deductible 245

Money Talk

SEPTEMBER 30, 2022

There is a two-year look-back period so 2022 IRMAA surcharges are based on 2020 modified adjusted gross income (MAGI). There are five MAGI income ranges for IRMAA, with 2022 payments ranging from $238.10 The 2022 standard Medicare Part B premium for most older adults, for whom IRMAA is a non-issue, is $171.10. to $573.30

401(k) 244

401(k) Taxes Pension Deductions 244

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., In 2022, beneficiaries will receive a 5.9% Pension COLAs - Pension benefits for some retirees are also indexed for inflation. a $59 increase for every $1,000 of benefits) in 2022.

401(k) 227

401(k) Pension Taxes Deductions 227

McNees

JANUARY 13, 2023

The Consolidated Appropriations Act of 2023 (“Act”) was passed by Congress in late December 2022 and signed by President Biden on December 29, 2022. High Deductible Health Plans can continue to waive the deductible for any telehealth services for plan years beginning before January 1, 2025. The Act, a $1.7

401(k) 98

401(k) Health and Welfare Employee Benefits Deductions 98

InterWest Insurance Services

MARCH 22, 2022

Employers with five or more workers – The deadline for registration is June 30, 2022. Qualified retirement plans include: Qualified pension plans. 401(k) plans. Simplified Employee Pension (SEP) plans. Payroll deduction IRAs with automatic enrollment. 403(a) plans. 403(b) plans. How CalSavers works.

401(k) 96

401(k) Retirement Plan Employment Deductions 96

Stratus.HR

JUNE 16, 2022

Minimum Wage Increases for 2022. This includes multiple jobs, IRA distributions, capital gains and losses, rental income, pension plans, charitable distributions, tax credits, and so on. This would mean that your employer was instructed to not deduct any federal income from your paycheck.

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71