WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

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WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs.

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Benefit Resource Inc.

NOVEMBER 8, 2023

If you’re wondering what the difference is between a Medical Flexible Spending Account (Medical FSA) and a Dependent Care Flexible Spending Account (DC FSA), you are not alone. Participants often do not understand that separate elections must be made for Medical and Dependent Care Accounts.

Medical 98

Medical Flexible Spending Account Flexible Spending Deductions 98

WEX Inc.

AUGUST 7, 2023

Sunscreen can cost as much as $40 a bottle, but did you know you can actually use your health savings account (HSA) or medical flexible spending account (FSA) funds on many SPF-related expenses? Sunscreen There’s a good chance you’re planning on spending some time in the sun over the next few months.

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Flexible Spending Account Health Savings Account Flexible Spending Medical 98

Benefit Resource Inc.

MARCH 28, 2024

Pre-tax benefits are a powerful tool for saving money and maximizing your income. From flexible spending accounts (FSAs) to health savings accounts (HSAs) and commuter benefits, these options offer significant advantages if managed wisely. This includes copayments, deductibles, prescriptions, and more.

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

WEX Inc.

MAY 4, 2023

The IRS requires your flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. Because of an FSA’s tax advantages, the IRS requires employers and employees to prove that FSA funds are only being spent on eligible expenses. Why is substantiation required?

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WEX Inc.

SEPTEMBER 21, 2023

However, for participants of health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are ways to alleviate the financial burden associated with vision-related costs. The information in this blog post is for educational purposes only. It is not legal or tax advice.

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WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. FSAs are an employer-owned account , and the IRS sets limits on annual FSA contributions.

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WEX Inc.

MAY 31, 2023

For those who have health savings accounts (HSAs) or medical flexible spending accounts (FSAs) , there are opportunities to save money on these expenses. The information in this blog post is for educational purposes only. It is not legal or tax advice. Check out FSA Store!

Medical 98

Medical Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

SEPTEMBER 7, 2023

Flexible spending accounts (FSAs) are a powerful tool for individuals and employers to save money on healthcare and dependent care expenses. EOB Smart Scan, which uses artificial intelligence (AI) to scan a participant’s Explanation of Benefits (EOB) and auto-fill necessary claim information. Download now!

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InterWest Insurance Services

MARCH 22, 2022

Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis. Since the salary reductions are not received by the employee, they are not considered wages for income tax purposes. Flexible spending account. Set-up and tax implications.

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Flexible Spending Account 401(k) Flexible Spending Deductions 95

WEX Inc.

AUGUST 14, 2023

A flexible spending account (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. The information in this blog post is for educational purposes only. It is not legal, financial, or tax advice. We break down FSA carryovers below.

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Flexible Spending Account IT Flexible Spending Taxes 98

Benefit Resource Inc.

JANUARY 14, 2022

We’re here to provide you with a short guide to help you understand the required tax documents for your pre-tax benefits. . A Health Savings Account (HSA) is a savings account that provides tax-free contributions and potential tax deductions for qualified medical expenses incurred by the holder.

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Qandle

JUNE 20, 2023

This includes employee details such as names, addresses, social security numbers, tax withholding information, bank account details for direct deposit, and any changes in employment status or compensation. This information will impact the calculation of employee pay. Ensure accuracy and verify any changes or updates.

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Payroll Flexible Spending Account Overtime Payroll Software 98

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g., Another tax-advantaged way to benefit from charitable gifts is to open a donor advised fund (DAF) with a major brokerage firm.

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WEX Inc.

MAY 24, 2023

Employers should make a concerted effort to simplify the language used in communications to ensure employees can easily understand their options and make informed decisions. It’s about what a health savings account or a flexible spending account can do for them." It is not legal or tax advice.

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WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. It is not legal or tax advice.

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WEX Inc.

FEBRUARY 23, 2023

In fact, staying on top of your health savings account (HSA) , flexible spending account (FSA) , or any other plan you signed up for throughout the year can pay off for you. Add dependents Your HSA or FSA may cover your dependents’ costs if the dependents are claimed on your tax return. How do you do this?

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WEX Inc.

SEPTEMBER 14, 2023

For example, do you have any new dependents who have healthcare needs and could be covered by a pre-tax benefits plan? Use available tools and resources to learn more about pre-tax benefits and to plan for the year ahead. Consider any major life changes you and your family have experienced in the previous year.

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401(k) Health Savings Account Flexible Spending Account Healthcare 98

Griffin Benefits

NOVEMBER 28, 2023

Plus, the PEO may not be as cost-effective these days for your expanding payroll, or maybe it’s time for the tax credits to start accruing to your company instead of the PEO. Here are key considerations: TIMING AND THE TAX YEAR If you can terminate the PEO relationship at the start of the calendar year, great.

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WEX Inc.

AUGUST 15, 2023

Understanding different medical plans To make an informed decision, it’s essential to understand various medical plans and how they relate to your life. HSAs and FSAs as an option Health savings accounts (HSAs) and flexible spending accounts (FSAs) are among the pre-tax accounts you can contribute funds to and save money on healthcare costs.

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Deductions Deductible Healthcare Flexible Spending Account 98

WEX Inc.

SEPTEMBER 12, 2023

Exploring HSAs and FSAs HSAs and medical flexible spending accounts (FSAs) let you save money because the funds you contribute to them are pre-tax. Limited FSA as a savings account: Limited FSAs can also be used as a savings account for anticipated medical expenses.

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Benefit Resource Inc.

JULY 31, 2023

Amidst the excitement, many may not know that their Flexible Spending Account (FSA) can be a valuable resource for purchasing back-to-school items. By understanding FSA eligibility and making informed choices, families can save money while ensuring they have everything they need to excel in the upcoming school year.

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Utilities Flexible Spending Account Flexible Spending Medical 52

Money Talk

JUNE 29, 2022

In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status. Last year, I wrote a blog post about mid-year financial check-up s for the OneOp Personal Finance team.

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InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. 3,000 for family coverage (up $200).

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WEX Inc.

JANUARY 3, 2023

To kick off another year of providing you with the employee benefits tips and information you need, we wanted to look back at your favorite blog posts from the last year. Fortunately, your health savings account (HSA) is an employee-owned account, so it stays with you, even when you switch employers.

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

CorpStrat

JANUARY 22, 2024

Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs) These accounts can be used for various health-related expenses, offering tax advantages and helping your employees save money. Remember, a well-informed team is not only healthier but also more productive and engaged.

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Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

FEBRUARY 18, 2020

So, it is not surprising that most people get stumped by the question, “What is the link between pre-tax benefits and COBRA?” Flexible Spending Accounts start to get messy as they are ‘sometimes’ subject to COBRA. Understanding pre-tax benefits and COBRA. This is the easy one.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

WEX Inc.

JANUARY 4, 2023

Flexible Spending Account (FSA) If you were enrolled in an FSA prior to electing COBRA, you may still be able to tap into your FSA funds. Your ability to spend down funds depends on a number of factors, and those factors can be specific to your employer’s FSA. It is not legal or tax advice.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

WEX Inc.

MARCH 20, 2023

When things change at lightspeed, it is imperative to have team members who understand what you need to do to stay in compliance, but also develop a detailed plan to execute, predict and account for downstream impacts. The information in this blog post is for educational purposes only. It is not legal or tax advice.

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Stratus.HR

JANUARY 24, 2022

From wage variations to outdated information, W-2s are one of our most-asked-about topics this time of year. Although we don’t have control of the mail system, we strongly suggest you try to track it down to protect your personal information. This number is derived by subtracting all your pre-tax deductions from your YTD earnings.

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Taxes Payroll IT Deductions 64

Stratus.HR

NOVEMBER 30, 2020

If you’re planning your tax-sheltered income for 2021, the IRS did not increase the $2,750 limit you can contribute to a health Flexible Spending Account (FSA). However, health savings account (HSA) participants will be able to contribute a little more in 2021. What is the 2021 health FSA contribution limit?

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Benefit Resource Inc.

JANUARY 16, 2020

It also includes platforms affecting how information is presented to brokers. Incorporating lifestyle components into pre-tax accounts. So, how will this affect tax advantaged accounts like Flexible Spending Accounts and Health Reimbursement Accounts? That’s so last decade.

Health Savings Account 73

Health Savings Account Flexible Spending Account Flexible Spending Taxes 73

Genesis HR Solutions

JANUARY 24, 2023

Get all the information in this guide. It should also include language about reporting unsafe conditions and potential hazards, and information about where employees can report accidents, etc. Unemployment compensation This policy informs employees that, should they be terminated, they may be eligible for benefits.

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Griffin Benefits

OCTOBER 1, 2022

Among the various transparency rules contained within the Consolidated Appropriations Act is a requirement for employers to provide certain plan information about prescription drugs. This reporting is due by December 27 of this year and must include information for the 2020 and 2021 calendar years, regardless of the plan or policy year.

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Benefit Resource Inc.

SEPTEMBER 4, 2020

Below, we explore some surprising (yet tasteful) similarities between types of ice cream and pre-tax accounts. Flexible Spending Account: Classic vanilla. Check out our other blogs for more fun, informative content! Your company: The ice cream parlor. Did you enjoy this sweet read?

Taxes 40

Taxes Flexible Spending Account Flexible Spending Health Savings Account 40

Benefit Resource Inc.

DECEMBER 20, 2021

As the end of 2021 and the plan year looms, it’s crucial to consider what you can do with any remaining funds in your Flexible Spending Account (FSA). Most of the funds in your FSA need to be spent before the end of the plan year because you may lose what you don’t spend.

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