Kollath CPA

FEBRUARY 10, 2022

When you’re filing your tax returns, what expenses can you deduct from business income? To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. Deducting Business Expenses: Separating Fact From Myth. You must capitalize some costs rather than deduct them.

Deductions 80

Deductions Deductible Retirement Plan Taxes 80

Patriot Software

FEBRUARY 1, 2021

Then you might be wondering when exactly you deduct the employee’s contributions—before or after taxes. For accurate withholding, understand what are pre-tax deductions. Do you need to withhold money from employee wages beyond taxes (e.g., garnishments or benefits)? Well, it depends. We’ve got […] READ MORE.

Deductions 111

Deductions Deductible Taxes Payroll 111

PeopleKeep

FEBRUARY 16, 2022

One option that appeals to many employers is the zero-deductible health plan because it means the insurance company will start accepting claims from the very beginning. However, premium costs and deductibles are inversely related, so a plan with no or low deductibles means higher premiums.

Deductions 98

Deductions Deductible Health Insurance Out of Pocket Cost 98

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Can an HDHP continue to provide pre-deductible coverage of COVID-19 testing and treatment without impacting HSA eligibility?

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Higginbotham

SEPTEMBER 28, 2022

A deductible is an amount that the insurer and insured have agreed to deduct from the value of a loss before the insurance company pays the remainder, up to the limits of a commercial property or liability insurance policy. Policy Limits Include the Deductible. Deductibles Help Insurers and Insureds.

Deductions 52

Deductions Deductible Insurance Banking 52

PeopleKeep

DECEMBER 10, 2021

Whether you’re an employer looking for group plan options or an individual looking for yourself and your family, the question that is likely on your mind is: “Is it better to have a high deductible health plan (HDHP) or a low deductible health plan (LDHP)?”.

Deductions 98

Deductions Deductible Health Insurance Insurance 98

BerniePortal

SEPTEMBER 23, 2021

As the time nears for organizations to renew their health plan , many employees may become concerned if their health insurance deductibles are also set to renew. If an employee is on the cusp of meeting their deductible when it comes time for their health insurance plan to reset, it can be an understandable worry.

Deductions 98

Deductions Deductible Insurance Health Insurance 98

BerniePortal

JULY 14, 2021

When an organization renews health plans in the middle of the year, employees might worry that their deductible will reset. It’s an understandable worry; if they’re close to meeting their deductible and have to start all over again, it could impact their medical decisions and their financial health.

Deductions 98

Deductions Deductible Health Insurance Insurance 98

InterWest Insurance Services

AUGUST 10, 2022

Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. no deductible and no coinsurance), the net impact on premiums was an increase of 4.7%.

Deductions 82

Deductions Deductible Family and Medical Leave Act Health Savings Account 82

McDermott Will & Emery Employee Benefits

MAY 17, 2023

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2023-23) 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 2024.

Health Savings Account 67

Health Savings Account Deductions Deductible Employee Benefits 67

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 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

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

Proskauer's Employee Benefits & Executive Compensa

MARCH 22, 2022

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account (“HSA”) contributions.

Deductions 97

Deductions Deductible Health Savings Account Taxes 97

Kollath CPA

SEPTEMBER 22, 2022

This will give you a better idea of what you are able to deduct with the IRS. Clearly, Home Office Deductions: More Complex Than They Seem. The IRS will allow her to claim office deductions only if she’s able to pass a trio of tests: Test No. Internal Revenue Code Section 280A. ‘ Exclusively ‘ means just that.

Deductions 52

Deductions Deductible Insurance Utilities 52

PeopleKeep

SEPTEMBER 26, 2022

When considering health insurance policies for your organization, you may have wondered if it’s better to have a low deductible health plan (LDHP) or a high deductible health plan (HDHP). While HDHPs have higher deductibles than LDHPs, as the name implies, there can be benefits to taking on the risk.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

Patriot Software

AUGUST 22, 2022

And chances are, you probably have to deal with a few types of payroll deductions, like 401(k) or health insurance, when paying employees. But, what happens when you have to deal with a deduction that you don’t have consent for, like a correction for a payroll error? […] READ MORE.

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Deductions Deductible Payroll 401(k) 77

McDermott Will & Emery Employee Benefits

MAY 3, 2023

Although the end date of the NE was subsequently advanced to April 10, 2023, by Congressional resolution, the US Departments of Labor, Health and Human […] The post Preparing for the End of the COVID-19 Emergency: High-Deductible Health Plans and Health Savings Accounts appeared first on EMPLOYEE BENEFITS BLOG.

Health Savings Account 69

Health Savings Account Deductions Deductible Employee Benefits 69

PeopleKeep

AUGUST 27, 2020

It’s no secret that the use of high deductible health plans (HDHPs) continues to skyrocket. For 2020, the IRS defines an HDHP as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family.

Deductions 98

Deductions Deductible 98

Patriot Software

AUGUST 31, 2022

So, you must understand the difference between pre-tax vs. post-tax deductions. Do you withhold the premiums and contributions before or after taxes? Can you choose to withhold however you want? Well, it depends on the benefit. Pre-tax vs. […] READ MORE.

Deductions 74

Deductions Deductible Taxes Payroll 74

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

Employee Benefits

FEBRUARY 28, 2023

The post THE SHARED BENEFITS OF A SALARY DEDUCT SCHEME appeared first on Employee Benefits. In this blog, we take a look at: what is a salary sacrifice scheme, what can salary sacrifice fund, savings to the employee, and the non-financial perks.

Deductions 52

Deductions Deductible Salary Employee Benefits 52

Stratus.HR

JUNE 11, 2021

High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) are growing more and more popular each year. Well, there’s a flipside of HDHPs and HSAs that includes a higher deductible and added out-of-pocket costs. However, if it’s not part of your medical plan, that expense won’t go towards meeting your deductible.

Deductions 76

Deductions Deductible Out of Pocket Cost Health Savings Account 76

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 91

Health Savings Account Deductions Deductible Employee Benefits 91

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

Benefit Resource Inc.

JUNE 20, 2019

Not all payroll deductions are created equal. Some people (although not many) may engage in a heated debate on the value of pre-tax deductions vs. post-tax deductions. Colleagues (even in our own organization) have asked “Why do we need post-tax deductions?” What is a pre-tax deduction?

Deductions 53

Deductions Deductible Taxes Payroll 53

PeopleKeep

MAY 14, 2020

One option is a high deductible health plan (HDHP). Employers have a number of health plan options to choose from when it comes to offering a health benefit to employees. Although its benefits appeal to a select group of employers, an HDHP can be a valuable tool in an employer's health benefits toolkit.

Deductions 95

Deductions Deductible IT Employment 95

Honeybee

FEBRUARY 25, 2021

An infographic showing how Honeybee allows users to personalize their benefits, and how it relates to deductibles and co-insurance. The post Deductibles & Co-Insurance: Personalize Your Benefits (Infographic) appeared first on Honeybee Benefits.

Deductions 52

Deductions Deductible Insurance IT 52

PeopleKeep

MAY 21, 2020

Employers offering a high deductible health plan (HDHP) have several ways to supplement the low-coverage and make the benefit more meaningful. One way is to offer a group coverage HRA (GCHRA) which enables employers to reimburse employees for out-of-pocket expenses. Another is to offer an HSA alongside the HDHP.

Deductions 86

Deductions Deductible Employment Health Insurance 86

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 186

Taxes Deductions Deductible 401(k) 186

CorpStrat

JULY 30, 2021

What if we told you there was a way you can deduct all of the medical expenses that are not covered by your insurance plan. We’re talking about things like deductibles, co-insurance, doctor visits, doctor’s who don’t take insurance, eyeglasses, therapy, etc. Doesn’t that sound interesting? Sole Proprieters.

Deductions 52

Deductions Deductible Insurance Medical 52

Patriot Software

JUNE 21, 2021

If you have your employees contribute to their premiums, you have to know how to deduct the cost from their gross pay. But, are payroll deductions for health insurance pre-tax? Providing health insurance benefits to your employees can leave you with a lot of questions.

Health Insurance 70

Health Insurance Deductions Deductible Payroll 70

PeopleKeep

OCTOBER 26, 2020

A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity because it allows employees to pay for medical expenses tax-free. The percentage of workers covered under HDHP plans has increased from four percent of all employer-sponsored health insurance plans in 2006 to 31 percent in 2020.

Deductions 75

Deductions Deductible Health Savings Account Health Insurance 75

PeopleKeep

NOVEMBER 15, 2021

In this article, we’ll go over everything S-corp owners must do to receive company-sponsored health insurance, how to properly deduct those expenses from their taxes, and how a health reimbursement arrangement (HRA) affects their eligibility. For these individuals, tax-advantaged health insurance is more complicated. Are you a visual learner?

Health Insurance 52

Health Insurance Deductions Deductible Insurance 52

Global People Strategist

JULY 9, 2020

The Australian Taxation Office (ATO) has created short-cuts for employers and workers in order to deduct certain home office expenses. For example, employees may deduct a rate of 52 cents per hour for operating costs in addition to $50 per year for work related phone and Internet costs.

Deductions 52

Deductions Deductible Work From Home Utilities 52

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. The 2022 standard deduction is $12,950 for individuals ($14,700 age 65+) and $25,900 for married filing jointly ($28,700 if both spouses are age 65+).

Taxes 260

Taxes Deductions Deductible 401(k) 260

Take It Personel-ly

MARCH 1, 2021

If you recently became an employee who works from home, you might be wondering if you can use your home office as a tax deduction. Figuring out the home office tax deduction for a remote employee can be confusing, but we’re here to help break […]. According to one survey, 41.8% of people say that they work remotely.

Deductions 54

Deductions Deductible Taxes Work From Home 54

Money Talk

OCTOBER 27, 2022

History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income. Significant changes in 1986 established income limits for participants in an employer-sponsored retirement plan that eliminated the tax deductibility of traditional IRA contributions for some people.

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Deductions Deductible Taxes Commissions 243