IRS Announces HSA Limits for 2024
In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts: The HSA catchup contribution limit for those age 55 and older is set by statute at $1,000 and remains unchanged. What’s behind the changes The Society for Human Resource Management noted that the annual contribution limits are […]
Annual Tax Adjustments for 2023
The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes. Standard deduction The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, which is up $1,800 […]
401(k) and IRA Limits Rise for 2023
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in […]
What To Expect From Your 401(k) Audit
What To Expect From Your 401(k) Audit If you offer a 401(k) plan to your employees, the first thing you must figure out is whether it needs an independent audit. If you have 100 or more eligible employees at the start of the plan year, you need an audit. The essential word is “eligible.” So […]
What’s the Deal with Health Savings Accounts?
Health savings accounts are paired with high-deductible health plans for an especially adaptable insurance and savings program. HDHPs have large deductibles that members must meet before receiving coverage. Participants meet those deductibles by contributing their own money to HSAs. The government does not tax these funds as long as they’re used to pay for qualified […]
Cutting Costs During Inflationary Times
The inflationary cycle we are now in is causing anxiety for many consumers. Coming on the heels of the disruptions caused by the COVID-19 pandemic makes it feel even worse. And then there is the prospect of a future recession. It is enough to make one’s head spin. But today, for now, we are struggling […]
