Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging. Here are five tips to keep in mind:
Dependent Care Flexible Spending Accounts for Your Business
Employers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses.
Weighing the Pluses and Minuses of Business HDHPs + HSAs
Will your company be ready to add a health insurance plan for next year or change its current one? If so, now might be a good time to consider your options. These things take time.
A popular benefits model for many small to midsize businesses is sponsoring a high-deductible health plan (HDHP) accompanied by employee Health Savings Accounts (HSAs). However, like any such strategy, this one has its pluses and minuses.
Is Your Business Required to Report Employee Health Coverage?
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have.
EAP Compliance Check: Is Your Company Staying Mindful?
Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse, and financial challenges that have become so widely recognized in modern society.
Business Owner’s Health Care Self-Insurance and Stop-Loss
For businesses, sponsoring a health insurance plan for employees cost-effectively is an ongoing battle. In the broadest sense, you have two options: fully insured or self-funded.
A fully insured plan is simply one you buy from an insurer. Doing so limits your financial risk while offering the most predictable costs. The other option is what’s commonly known as “self-insurance.” Under this approach, your company funds and manages the plan, usually with the help of a third-party administrator.
Avoid Misinformation About Tax-Favored Health Savings Accounts
Do you have a health Flexible Spending Account, Health Savings Account, or similar plan through your employer? The IRS is warning about misinformation that could lead to serious mistakes.
Tax Implications to Be Aware of After a Job Loss
Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional circumstances. Depending on your situation, these can be complex and require you to make decisions that may affect your tax picture, both this year and in the future.
HSA Limits Increase for 2024
Contributions to a Health Savings Account (HSA) are used to pay the current or future medical expenses of the account owner, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2024, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $4,150 for individuals with self-only coverage (up $300 from 2023) and $8,300 for family coverage (up $550 from 2023). The additional catch-up contribution for individuals aged 55 or older before the end of the tax year remains at $1,000.
Small Employer Health Reimbursement Arrangements
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health insurance. Here’s what small business owners need to know about QSEHRAs.