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. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950. A key take-away?

Taxes 188

Taxes 401(k) Deductions Deductible 188

McDermott Will & Emery Employee Benefits

APRIL 29, 2022

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2022-24) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2023.

Health Savings Account 89

Health Savings Account Deductions Deductible Employee Benefits 89

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% Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022).

401(k) 245

401(k) Banking Deductions Deductible 245

AssuredPartners

JUNE 28, 2023

The latest pandemic-related guidance to go away is the special rule that enabled high-deductible health plans (HDHPs) to cover COVID-19 testing and treatment for plan enrollees prior to them fulfilling their minimum deductible amount.

Deductions 52

Deductions Deductible Insurance IT 52

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! The relief allows, but does not require, HDHPs to provide telehealth and other remote care services on a pre-deductible basis without making participants health savings account (“HSA”) ineligible.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 The SECURE 2.0 Essentially, the U.S.

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

Benefit Resource Inc.

JANUARY 4, 2023

The 2023 spending bill signed into law on December 29th includes extending pre-deductible telehealth services coverage. WHAT IS PRE-DEDUCTIBLE TELEHEALTH COVERAGE? Pre-deductible telehealth coverage allows HSAs-qualifying high-deductible health plans (HDHPs) to cover telehealth and remote-care services on a pre-deductible basis.

Deductions 40

Deductions Deductible Out of Pocket Cost Healthcare 40

Benefit Resource Inc.

FEBRUARY 7, 2022

What does this mean to workers and employers in 2022? Increasing deductibles is key for employers to use in managing ever-increasing premiums. • A “high” deductible plan still has a negative connotation. The post A Bump In Insurance Premiums: What It Means For 2022 And Beyond appeared first on BRI | Benefit Resource.

Insurance 81

Insurance Deductions Deductible IT 81

Benefit Resource Inc.

JUNE 29, 2021

Find details on the HSA 2022 contribution limits for individuals and families and HDHP requirements here! For employers and individuals currently in a plan set at or near the minimum deductible limits, you will need to make adjustments to ensure your plan remains HSA eligible. HDHP minimum deductible: $1,400*.

Deductions 52

Deductions Deductible Taxes Employment 52

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

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401(k) Taxes Pension Deductions 244

AssuredPartners

NOVEMBER 21, 2022

Filing opened on November 15, 2022 on the MassTaxConnect (MTC) Web Portal. The HIRD form filing is due no later than December 15, 2022. Deductibles and out of pocket maximum levels. Any Massachusetts employer with six or more employees in Massachusetts must file an annual Health Insurance Responsibility Disclosure (HIRD) Form.

Health Insurance 52

Health Insurance Employment Deductions Deductible 52

360PEO Inc.

MAY 11, 2021

HSA 2022 Limits. To be eligible to make HSA contributions, an individual must be covered under a high deductible health plan. The post HSA 2022 Limits Released appeared first on 360PEO Inc. Find out more 855-667-4621.

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Deductions Deductible 52

HR Lineup

JANUARY 2, 2022

That is why we went out of our way to conduct research and recommend the best tax software for 2022 below. These include ease of use, affordability, ability to identify credits and deductions, customer service, to name a few. List of Top 5 Tax Software Companies of 2022: 1.

Taxes 76

Taxes Software Payroll Deductions 76

PeopleKeep

NOVEMBER 8, 2021

HSAs are paired with a high-deductible health plan (HDHP) and have annual contribution limits. In this post, we’ll cover the new HSA contribution limits and HDHP guidelines that were released by the IRS for 2022. Each year, the IRS HSA rules adjust the guidelines regarding HDHPs and HSA contribution limits.

Health Savings Account 52

Health Savings Account Deductions Deductible Medical 52

HR Professionals Magazine

MARCH 2, 2022

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Effective for plan years beginning on or after January 1, 2022.

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Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

BerniePortal

MAY 11, 2021

The IRS recently issued new 2022 contribution limits for health savings accounts (HSA), which represent the total amount of tax-advantaged dollars that participants can deposit into these accounts.

Health Savings Account 81

Health Savings Account Health Insurance Deductions Deductible 81

CorpStrat

NOVEMBER 4, 2022

During this time, it is crucial to verify that employee deductions have been updated to payroll once open enrollment closes. Regardless of your renewal date, year-end is a great time to review all employee pay data, including deductions. 1/03/2022 by 12 PM PST is the last day to submit 2021 adjustments to ensure accurate filings.

Payroll 52

Payroll Bonuses Deductions Deductible 52

WEX Inc.

MAY 8, 2023

More employees are enrolling in a high-deductible health plan (HDHP) each year, including more than half of U.S. HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO).

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. What follows is a summary of the new IRS limits; Health Care FSA Limits Increase for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

PeopleKeep

MAY 19, 2021

HSAs are paired with a high-deductible health plan (HDHP) and have annual contribution limits. A health savings account (HSA) is a tax-advantaged savings account a family or individual can use to pay for qualified medical expenses. Each year, the IRS adjusts the guidelines regarding HDHPs and HSA contribution limits.

Health Savings Account 92

Health Savings Account Deductions Deductible Medical 92

Benefits Notes

NOVEMBER 5, 2021

On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61 , which sets forth the 2022 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2022 limits for benefit plans. HDHP Minimum Deductible Limits. no change).

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

Money Talk

OCTOBER 25, 2023

Inflation is down significantly from 2022 but still remains elevated. I increase deductible, I change coverage) with an insurance agent, double check policy discounts you qualify for, compare at least three insurance vendors, sign up for auto-pay or online billing statements, make fewer payments per year, and maintain good credit.

Food 195

Food Deductions Deductible Retail 195

Money Talk

DECEMBER 7, 2023

Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022. Example: savers earned about 0.25% interest in 2022 vs. 4.5%+ with online banks and money market funds in 2023. By early December 2023, income and tax withholding should be pretty predictable and tax-saving strategies taken so far (e.g.,

Taxes 199

Taxes Retirement Plan Deductions Deductible 199

AssuredPartners

MAY 12, 2021

Each year around this time the IRS announces the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs), as they are required to do so annually prior to June 1st. The adjusted limits will go into effect as of January 1, 2022. On May 10, 2021, the IRS released Revenue Procedure 2021-25.

Health Savings Account 40

Health Savings Account Deductions Deductible Management 40

InterWest Insurance Services

NOVEMBER 25, 2022

They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

401(k) 96

401(k) Deductions Deductible Flexible Spending Account 96

InterWest Insurance Services

APRIL 27, 2023

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers. overall between 2021 and 2022. Deductibles can be added to the plan to manage premium costs.

Health Insurance 95

Health Insurance Insurance Out of Pocket Cost Deductions 95

AssuredPartners

MAY 1, 2022

Each year around this time the IRS announces the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs), as they are required to do so annually prior to June 1st. On April 29, 2022, the IRS released Revenue Procedure 2022-24. Health Savings Accounts and High-Deductible Health Plans.

Health Savings Account 98

Health Savings Account Deductions Deductible Employment 98

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2024 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2024 HDHP minimum deductible is $1,600 for self-only coverage and $3,200 for family coverage.

Health Savings Account 98

Health Savings Account Deductions Deductible Taxes 98

Money Talk

AUGUST 16, 2023

of Americans age 65+ were working in 2022. Tax Withholding Accuracy - With multiple income sources, accurate withholding is a must via payroll deduction, quarterly payments, and the safe harbor rules for under withholding. After declining in early years of the pandemic, the percentage of older adults in the labor force is increasing.

Taxes 130

Taxes Pension Deductions Deductible 130

Benefits Notes

JANUARY 4, 2023

The CARES Act permitted high deductible health plans (“HDHP”) to provide first-dollar telehealth services or other remote care services. This allowed individuals covered under a HDHP that waived the deductible for telehealth services or other remote care to maintain HSA eligibility.

Deductions 98

Deductions Deductible Insurance Consulting 98

Money Talk

NOVEMBER 15, 2022

According to Bankrate, the average annual cost of car insurance in June 2022 was $1,771 per year ($148 per month) for full coverage and $545 for just the minimum coverage required by state law. Revisit Your Deductibles - Check with your insurance agent on policy premium costs and consider raising the deductibles on your policy (e.g.,

Insurance 179

Insurance Deductions Deductible Health Insurance 179

Money Talk

JUNE 28, 2023

Use this information to adjust payroll deductions for a health care FSA (up or down). Also, apply the IRS safe harbor rules to 2022 income and a “best estimate” of 2023 income to avoid an under-withholding penalty. The 2023 maximum pre-tax contribution is $3,050. Ditto for child care FSA contributions.

Flexible Spending Account 239

Flexible Spending Account Banking Health Savings Account Finance 239

Snell & Wilmer Benefits

MARCH 29, 2022

On March 15, 2022, the Consolidated Appropriations Act, 2022 (the “2022 CAA”) was signed into law. The 2022 CAA extends this relief to months beginning after March 31, 2022 and before January 1, 2023. Accordingly, the relief expired on December 31, 2021 for calendar year plans.

Health and Welfare 40

Health and Welfare Deductions Deductible Employee Benefits 40

InterWest Insurance Services

MAY 12, 2022

The new limits were announced in conjunction with other changes, such as increases in the minimum deductibles and maximum out-of-pocket expenses for high-deductible health plans (HDHPs). Individual plan: $3,850, up from $3,650 in 2022. Family plan: $7,750, up from $7,300 in 2022. HDHP minimum annual deductible.

Health Savings Account 98

Health Savings Account Deductions Deductible Health 98

WEX Inc.

MARCH 7, 2023

We're getting closer to the deadline for filing for 2022. It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. It’s a little different from your W-2 because it’ll show any contributions – not just those made through payroll deductions.

Taxes 98

Taxes Health Savings Account Deductions Deductible 98

WEX Inc.

MARCH 16, 2023

If you’re covered by an HSA-eligible health plan (or high-deductible health plan ), the IRS allows you to put as much as $3,650 per year (in 2022) into your health savings account (HSA). If you’re contributing to an HSA, and on a family HDHP, the maximum amount that you can contribute is $7,300 per year (in 2022).

Health Savings Account 98

Health Savings Account Deductions Deductible Healthcare 98

Benefit Resource Inc.

DECEMBER 30, 2021

New Limits to FSAs, HSAs, Commuter Benefits for 2022. Pre-tax Account Limits for 2022. Health Savings Account Limits for 2022. Contribution Limit: $3,650 (Up from $3,600 in 2021) HDHP minimum deductible: $1,400 (No change from 2021) HDHP maximum out of pocket: $7,050 (Up from $7,000 in 2021). Family Coverage.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40