Deductible Related Topics 
Patriot Software
AUGUST 31, 2022
You know there are deductions to take out of your employees’ paychecks. But, are they pre-tax vs. post-tax deductions? What are payroll deductions? Read on to learn the different deductions you have to take out of each employee’s paycheck. What are payroll deductions?
Kollath CPA
DECEMBER 21, 2022
The operative word for business deductions is business. Tax Court to uphold a business-related deduction for surgical implants that enlarged her breasts. However, despite these career-enhancing changes, the IRS denied the deduction at first.
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Patriot Software
AUGUST 31, 2022
You also need to subtract deductions from payroll. Deductions include taxes, pre-tax deductions, and post-tax deductions from payroll. You will deduct post-tax deductions after you withhold pre-tax deductions and taxes.
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.
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.
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)?
McDermott Will & Emery Employee Benefits
OCTOBER 3, 2022
On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released 2023 premiums, deductibles and coinsurance amounts for Medicare Parts A and B, and the Medicare Part D income-related monthly adjustment amounts.
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)?”.
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.
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.
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).
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.
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. Is a lower deductible worth the higher out-of-pocket costs?
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.
PeopleKeep
JUNE 4, 2020
high deductible health plan HDHP gchra ldhp deductibleInsurance is often confusing. Here’s a scenario for you: It’s mid-November. Open enrollment is here and you’re trying to figure out which insurance plan to choose.
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. Under this law, companies that offer HDHPs can now cover telehealth services without requiring a co-pay or deductible upfront.
BerniePortal
JULY 14, 2021
When an organization renews health plans in the middle of the year, employees might worry that their deductible will reset.
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.
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.
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. Employers may, but do not have to, provide telehealth and other remote care services on a pre-deductible basis.
Patriot Software
JUNE 29, 2022
Russia’s invasion of Ukraine has people across the U.S. thinking of ways to donate to the Ukrainian people. Businesses giving charitable donations, like money and property, are common. But, there are other ways to contribute.
Business Management Daily
AUGUST 16, 2018
Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income. The post Squeeze under interest deduction cap appeared first on Business Management Daily. Small Business Tax Small Business Tax Deduction Strategies
Business Management Daily
AUGUST 16, 2018
Watch out for a new deduction limit for business interest. Under the Tax Cuts and Jobs Act, this deduction can’t exceed 30% of an affected business’s adjusted taxable income. The post Squeeze under interest deduction cap appeared first on Business Management Daily. Small Business Tax Small Business Tax Deduction Strategies
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.
Patriot Software
AUGUST 31, 2022
So, you must understand the difference between pre-tax vs. post-tax deductions. If you provide benefits to employees, you probably wonder how to withhold wages for the benefits properly. Do you withhold the premiums and contributions before or after taxes?
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.
PeopleKeep
JANUARY 14, 2021
When researching different health reimbursement arrangement (HRA) options, employers may notice that when group coverage HRAs (GCHRAs) are mentioned high deductible health plans (HDHPs) are discussed too. Premium Reimbursement High Deductible Health Plans Group Coverage HRA
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? A pre-tax deduction allows an individual to set aside money from their pay before paying taxes. What’s the catch with pre-tax deductions?
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. HSA Individual Health Insurance high deductible health plan
PeopleKeep
MAY 28, 2020
We spend a lot of time talking about how you can save money by raising the deductible on your health insurance plan. In case you're still skeptical, let's go over some real numbers from an online quote engine so we can see how a high deductible health plan (HDHP) works in action.
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.
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.
Business Management Daily
FEBRUARY 12, 2019
The Tax Cuts and Jobs Act’s extension of the 50% corporate deduction limit to convenience meals has allowed the IRS to refine its previous guidance. The post Special analysis: Business meals deduction appeared first on Business Management Daily. Centerpiece Office Management Payroll Management
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.
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.
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