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Tax Free

All articles tagged with #tax free

personal-finance2 years ago•4 min saved

Tax-Free Employee Benefit: IRS Reminds Employers of Student Loan Assistance Option

The IRS has issued a reminder about educational assistance programs, a little-known employee benefit plan that can help employees pay off student loans tax-free. These programs, created by Congress in 1978 and made permanent in 2012, can be used to pay for books, equipment, tuition, and now, principal and interest on qualified education loans. The plan allows for payments of up to $5,250 per employee per year and has already been widely adopted by larger companies. The IRS is hosting a webinar to provide more information on the program and encourage employers to take advantage of this benefit to attract and retain workers.

via Forbes|

#educational-assistance-programs #employee-benefits #irs

business2 years ago•0 min saved

Navigating the Tax Challenges of Johnson & Johnson's Kenvue Exchange

Johnson & Johnson's $35 billion exchange offer for Kenvue was tax-free for J&J shareholders, but determining the cost basis for investors can be challenging.

via Barron's|

#business #cost-basis #exchange-offer

finance2 years ago•1 min saved

IRS Increases HSA Contribution Limits for 55+ Couples to Over $10K

The IRS has announced that individuals can contribute up to $4,150 and families up to $8,300 annually to a tax-free Health Savings Account (HSA). Couples aged 55 and older can contribute more than $10,000, including the $1,000 catch-up contribution. The new contribution limits will help people plan for their medical expenses and get more engaged with their HSA. The average HSA created in 2005 has now accumulated more than $50,000 in investments and deposits, according to data from Devenir.

via NBC News|

#finance #health-savings-account #irs

personal-finance2 years ago•2 min saved

"Expert recommends opening Roth IRA for new investors over Traditional IRA"

Experts recommend opening a Roth IRA as the first step for new investors. A Roth IRA allows investors to set aside after-tax money up to a certain limit each year, and the original contributions can be withdrawn at any time for any reason, tax- and penalty-free. The earnings on the money invested grow tax-free, and anything that comes out of a Roth will be income tax-free for life if certain conditions are met. Roth IRAs also offer the most growth acceleration on your money and can serve as a multi-purpose account. Anyone with taxable compensation can start contributing to a Roth IRA, and the advantages of Roth IRAs make it so funding it should be a first priority every year.

via CNBC|

#investing #personal-finance #retirement

personal-finance2 years ago•2 min saved

"Maximizing Retirement Savings: The Benefits of Roth IRAs"

Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, recommends Roth IRA for young adults who want to invest but can't envision retirement. Contributions to Roth IRA are made after-tax, allowing investors to access the money they contributed without penalty, no matter their age. Roth IRA also serves as an emergency fund. Contributions up to $6,500 can be made this year, and there are income caps for making the full contribution. Roth IRAs do not come with required minimum distributions and allow tax-free withdrawals.

via CNBC|

#contributions #emergency-fund #personal-finance