Benefit Resource Inc.

APRIL 10, 2024

What is a Dependent Care Flexible Spending Account (DCFSA)? First things first, let’s clarify what a dependent care flexible spending account actually is. The Power of Pre-Tax Dollars One of the most significant advantages of a DCFSA is the ability to use pre-tax dollars for eligible expenses.

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Flexible Spending Account Flexible Spending Taxes Utilities 52

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. Here are some essential tips to help you navigate the early stages of the plan year.

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

Stratus.HR

JUNE 16, 2022

When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. But what if you’re filing your taxes a year later and you discover you had fewer taxes withheld from your paycheck than expected. What Is the function of the W-4 tax form?

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71

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. Is it more advantageous to have a DC FSA or to claim the Child Care Tax Credit on my income tax return? Great question!

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Medical Flexible Spending Account Flexible Spending Deductions 98

Benefit Resource Inc.

JANUARY 16, 2024

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.

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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. For BRI Customers.

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Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

WEX Inc.

OCTOBER 4, 2023

Participating in a health savings account (HSA) or flexible spending account (FSA) is a great way to save money. Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible.

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Benefit Resource Inc.

JANUARY 4, 2024

After much consideration, you’ve made the wise decision to enroll in a pre-tax benefit plan. Depending on the setup of your pre-tax account, there may be a few ways to access funds. Medical Flexible Spending Accounts (FSA) and Dependent Care FSAs are both governed by IRS Section 125. Additional questions?

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Benefit Resource Inc.

JANUARY 12, 2024

Pre-Tax Benefits: A Strategic Approach to Mental Health Support One often overlooked but powerful tool in fostering mental health support is the utilization of pre-tax benefits. By leveraging pre-tax dollars, employees can reduce their out-of-pocket expenses, making mental health resources more feasible and appealing.

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Taxes Employee Wellness Utilities Healthcare 52

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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WEX Inc.

AUGUST 29, 2023

And did you know that a variety of fertility and infertility treatments are eligible for health savings account (HSA) and medical flexible spending account (FSA) funds? It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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WEX Inc.

AUGUST 10, 2023

You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. It is not legal, financial, or tax advice. Are you preparing to send your kids back to school soon?

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Benefit Resource Inc.

NOVEMBER 6, 2023

Let’s explore effective strategies for promoting employee well-being during the winter months and the role of pre-tax benefits in achieving this goal. Leverage Pre-tax Benefits Pre-tax benefits are a valuable tool for promoting employee health and wellness during the winter months.

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Flexible Spending Account Flexible Spending Health Savings Account Food 90

McDermott Will & Emery Employee Benefits

JUNE 1, 2023

The Internal Revenue Service (IRS) recently issued a Chief Counsel Advice memorandum to remind sponsors of health and dependent care flexible spending arrangements (FSAs) about their responsibility to adequately substantiate claims in order to receive favorable tax treatment under Section 125 of the Internal Revenue Code (the Code).

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Flexible Spending Taxes Employee Benefits Health and Welfare 81

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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Medical Flexible Spending Account Flexible Spending Taxes 98

Benefit Resource Inc.

DECEMBER 8, 2023

The Birth of HSAs HSAs were created with the vision of empowering individuals to take control of their healthcare expenses while providing tax advantages. The idea was to combine a high-deductible health plan (HDHP) with a tax-advantaged savings account, allowing individuals to set aside pre-tax dollars for qualified medical expenses.

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Health Savings Account Flexible Spending Account Healthcare Taxes 98

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. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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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. It is not legal or tax advice.

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Benefit Resource Inc.

MAY 6, 2019

Two of the most common options are a Dependent Care FSA or the child care tax credit. A Dependent Care Flexible Spending Account (DC FSA) helps employees pay for eligible child care expenses by reducing taxable income through payroll deductions. The savings vary depending on which tax bracket an employee is in.

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Taxes Flexible Spending Account Flexible Spending Deductions 85

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. How’s your sunscreen stock?

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Benefit Resource Inc.

NOVEMBER 15, 2023

The Role of Employee Benefits Employee benefits, such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Commuter Plans, and Specialty Accounts emerge as valuable tools in the toolbox of employers seeking to support their workforce during times of inflation. During times of inflation, healthcare costs often spike.

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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. It is not legal or tax advice. What is an FSA?

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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. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. Check out FSA Store!

Medical 98

Medical Flexible Spending Account Health Savings Account Flexible Spending 98

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. It is not legal, financial, or tax advice. For legal, financial, or tax advice, you should consult your own legal counsel, tax and investment advisers.

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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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InterWest Insurance Services

OCTOBER 27, 2022

As health care costs continue rising and employees are being asked to shoulder more of the expense burden, you can help them by offering a tax-advantaged plan that allows them to save for medical expenses. Employees can save an average of 30% in federal, state and local taxes on items they already pay for out of pocket.

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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. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-home pay. It is not legal, financial, or tax advice. 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 86

Benefit Resource Inc.

APRIL 18, 2023

One such way is by utilizing health savings accounts (HSAs) and flexible spending accounts (FSAs). Health Savings Accounts allow employees (and employers) to contribute to a tax-free account to be used for eligible medical expenses. HSAs allow for tax-free contributions and growth, making them an excellent long-term investment.

Medical 52

Medical Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

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Taxes Health Savings Account Deductions Deductible 63

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.

Taxes 40

Taxes Flexible Spending Account Health Savings Account Flexible Spending 40

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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Benefit Resource Inc.

FEBRUARY 6, 2020

If you have a Health Savings Account (HSA) , Flexible Spending Account (FSA) , or Health Reimbursement Account (HRA) , you can typically cover the costs of getting the flu vaccination since it is considered a medically necessary procedure. Sources: [link].

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Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below. The new limits are set forth below. Health FSAs. .

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Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

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. An FSA is a pre-tax benefit account offered by many employers as part of their benefits package. What is an FSA? How Does it Apply to Back-to-School Shopping?

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Utilities Flexible Spending Account Flexible Spending Medical 52

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. For HSAs, it's tax dependents and spouses.

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Benefit Resource Inc.

APRIL 20, 2023

While dusting, vacuuming, and packing away winter clothes may be on the top of your spring cleaning list, have you considered reviewing your eligible expenses and utilizing your Flexible Spending Account (FSA)? While doing your spring cleaning, don’t forget to look at your FSA.

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