benefit

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HSA savings provide a triple tax benefit

If you are covered by an Health Savings Account HSA eligible plan, then, you can make pre-tax contributions to a medical savings account for future health related expenses. The growth of these funds are tax free and if used for its medical purpose, the withdrawal is not taxable. However, if not used for the right

By |2024-07-11T17:47:28+00:00August 12th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , |

Educational assistance program – benefits up to $5,250 are not compensation (box 1 – w2)

In the IR-2024-167, the IRS shares the Frequently Asked Questions and general guidance on how the employee's w2 will not reflect any additional compensation for educational assistance programs with benefits of up to $5,250 if there is a section 127 program at your employer. This is an excellent way to have the employer pay for

By |2024-06-18T02:03:07+00:00June 18th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |
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