Money Talk

APRIL 11, 2024

One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees). 401(k), 403(b), 457, or Thrift Savings Plan). There is no way out.

401(k) 179

401(k) Taxes Retirement Plan Pension 179

Money Talk

MARCH 22, 2023

I recently attended a NY Public Library webinar about tax planning and below is a summary: Standard Deduction - 2023 saw the largest ever automatic adjustment to standard deductions since indexing was introduced in the 1980s. A larger standard deduction means that taxpayers can shelter more income from income taxes.

Taxes 188

Taxes 401(k) Deductions Deductible 188

Money Talk

OCTOBER 19, 2023

Several months ago, in the space of one day, I attended a webinar about longevity by a financial planner, read a research report about “longevity literacy,” and attended a health education class for older adults. At the end of the day, I realized that all three of these events were interrelated.

401(k) 207

401(k) Finance Medical Deductions 207

Money Talk

MAY 18, 2022

Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save. Ramp Up Retirement Savings - Consider increasing retirement savings in a tax-deferred employer retirement savings plan (e.g., 401(k), 403(b), and traditional IRA).

Taxes 262

Taxes 401(k) Deductions Deductible 262

McNees

JANUARY 13, 2023

High Deductible Health Plans can continue to waive the deductible for any telehealth services for plan years beginning before January 1, 2025. Employers may now offer de minimis financial incentives to employees to participate in 401(k) and 403(b) plans. Employers may participate in multiple employer 403(b) plans.

401(k) 98

401(k) Health and Welfare Employee Benefits Deductions 98

Benefit Resource Inc.

APRIL 4, 2024

As an employer or HR manager, you’re constantly seeking ways to enhance your employee benefits package, ensuring it not only attracts top talent but also supports their financial well-being throughout their careers and into retirement. Why Should Employers Care?

401(k) 52

401(k) Retirement Plan Benefits Package Deductions 52

Benefit Resource Inc.

MARCH 28, 2024

This includes copayments, deductibles, prescriptions, and more. Health savings accounts (HSAs): HSAs are available to those with qualifying high-deductible health plans (HDHPs). Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free.

Flexible Spending Account 52

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