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What Are Payroll Deductions?

Patriot Software

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?

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Business Deductions: Get Your Arguments Organized

Kollath CPA

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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What Are Post-tax Deductions From Payroll?

Patriot Software

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.

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Deducting Business Expenses: Separating Fact From Myth

Kollath CPA

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.

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What is a commercial deductible?

Higginbotham

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.

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What Are Pre-tax Deductions?

Patriot Software

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)?

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CMS Announces 2023 Medicare Premiums and Deductibles

McDermott Will & Emery Employee Benefits

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.

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Choosing between a low- or high-deductible health plan

PeopleKeep

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)?”.

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Home Office Deductions: More Complex Than They Seem

Kollath CPA

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.

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Waiving HDHP Deductibles Has Little Effect on Premiums, Study Says

InterWest Insurance Services

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.

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High deductible health plan cost & savings

PeopleKeep

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).

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What to do if your zero-deductible health plan goes away

PeopleKeep

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.

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Should I Enroll in a High Deductible Health Plan with an HSA?

Stratus.HR

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?

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Insurance Deductible Reset: End of Year Tips

BerniePortal

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.

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Choosing between high vs low deductible health plans

PeopleKeep

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.

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Understanding the Pre-Deductible Telehealth Coverage Extension

Benefit Resource Inc.

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.

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Do Health Insurance Deductibles Carry Over? | BerniePortal

BerniePortal

When an organization renews health plans in the middle of the year, employees might worry that their deductible will reset.

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How to make a high deductible health plan work for you

PeopleKeep

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.

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Not Knowing Legal vs. Illegal Payroll Deductions Can Cost You Big Time

Patriot Software

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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High Deductible Health Plan Telehealth Relief, Extended Again!

Snell & Wilmer Benefits

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.

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Tax-deductible Donations to Ukraine: Employee PTO Donations

Patriot Software

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.

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Squeeze under interest deduction cap

Business Management Daily

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

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Squeeze under interest deduction cap

Business Management Daily

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

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“Can I Deduct Medical Expenses Not Covered by My Insurance Plan?” – Answer Inside

CorpStrat

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.

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What’s the Difference Between Pre-tax and Post-tax Deductions?

Patriot Software

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?

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IRS Announces 2023 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs

McDermott Will & Emery Employee Benefits

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.

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Does a group coverage HRA require a high deductible health plan?

PeopleKeep

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

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Pre-tax deductions vs. Post-tax Deductions

Benefit Resource Inc.

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?

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How to Tell If Your High-Deductible Health Plan Is HSA Qualified

PeopleKeep

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

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How Much Can You Save with a Higher Deductible Health Insurance Plan?

PeopleKeep

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.

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How S-corp owners can deduct health insurance

PeopleKeep

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.

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Are Payroll Deductions for Health Insurance Pre-Tax? The Answer You Need to Know

Patriot Software

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.

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Special analysis: Business meals deduction

Business Management Daily

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

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High deductible health plan: is it right for my organization?

PeopleKeep

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.

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FAQ: What is an HSA High Deductible Health Plan (HDHP)?

PeopleKeep

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.