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What Are the Rules for Reporting Employee Health Insurance …

These forms must be provided by February 28 (if filing on paper) or March 31 (if filing electronically) following the calendar year to … See more

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URL: https://www.mizecpas.com/tax/what-are-the-rules-for-reporting-employee-health-insurance-coverage/

Evaluate whether a Health Savings Account is beneficial to you

WebFor 2023, a high deductible health plan is one with an annual deductible of at least $1,500 for self-only coverage, or at least $3,000 for family coverage. (These …

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2023 Limits For Businesses That Have HSAs

WebNo one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an …

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Employees: Don’t forget about your FSA funds – Mize CPAs Inc.

WebAn additional exception to the use-it-or lose-it rule permits health FSAs to allow a carryover of a participant’s unused health FSA funds of up to $550. Amounts …

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Health Savings Account Amounts Released for 2023

WebHealth savings accounts are available to participants in a high-deductible health plan (HDHP) that has a certain minimum deductible amount and a maximum out …

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2022 Payroll and Employee Benefit Plan Dollar Limits

WebThe maximum salary deferral for a SIMPLE plan in 2022 will be $14,000 with a $3,000 catch up contribution for employees age 50+. Some companies have payroll …

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Don’t forget to empty out your flexible spending account

WebIf you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up.

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Can you qualify for a medical expense tax deduction

WebFor 2020, the medical expense deduction can only be claimed to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income (AGI). This …

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Could your business benefit from the tax credit for family and …

WebThe Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to …

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Supreme Court Finds No Standing to Challenge a Provision of the …

WebA number of states and individual taxpayers sought to challenge the constitutionality of a provision in the Affordable Care Act (ACA). In a 7-2 decision, the …

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Seniors: Can you deduct Medicare premiums

WebIf you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want.

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Employee Benefits for Restaurant Owners: Think creatively!

WebDavid: “In my experience, restaurants offering employer sponsored group insurance benefits should budget $200 to $400 for each eligible employee per month for …

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It’s possible (but not easy) to claim a medical expense tax deduction

WebThe rules. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, …

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IRS releases 2021 amounts for Health Savings Accounts

WebThe IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). Keep in mind that if you haven’t already filed your 2019 …

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7 Tax-Smart Reasons to Hire Your Spouse – Mize CPAs Inc.

Web7. Group-Term Life Insurance. An owner’s spouse is entitled to the same group-term life insurance coverage as other company employees (typically, equal to …

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2021 Payroll Compliance Update

WebPDF DOWNLOADS: 2021 Payroll Year-End Checklist and 2022 Employee Benefit Plan Limits Summary As we all know payroll is a constantly evolving environment with new …

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11 Exceptions to the 10% penalty tax on early IRA withdrawals

WebUnless one of these 11 exceptions applies, there will be a 10% early withdrawal penalty tax on the taxable portion of a traditional IRA withdrawal taken before …

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Can Dependent Care Elections be Changed Midyear

WebYou may have employees asking if dependent care assistance program (DCAP) elections can be changed or revoked. If your plan document has been drafted as …

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