The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-15, Intangibles—Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill and Other Intangible Assets. This ASU, effective for private companies for fiscal years beginning after December 15, 2021, and for public companies for fiscal years beginning after December 15, 2022, simplifies the … Read more
Are you aware of the upcoming changes to the Flexible Spending Account (FSA) limit? Starting in 2025, the FSA limit will see a significant increase, providing employees with greater flexibility and savings opportunities. This change is expected to have a substantial impact on employee benefits and financial planning. In this article, we will explore the … Read more
Attention all savers! The Internal Revenue Service (IRS) has announced the highly anticipated contribution limits for Flexible Spending Accounts (FSAs) for the year 2025. These accounts offer a tax-advantaged way to set aside money for eligible medical and dependent care expenses. However, there are some significant changes to these limits, so it is crucial to … Read more
The maximum contribution limit for Flexible Spending Accounts (FSAs) in 2023 has increased significantly compared to previous years, offering employees the opportunity to save more money on qualifying healthcare and dependent care expenses on a pre-tax basis. Employers should take note of this change and consider reviewing their FSA plan offerings to ensure they are … Read more
Healthcare costs are on the rise, and it’s estimated that the average American family will spend over $25,000 on healthcare in 2025. What’s more, health insurance premiums are also increasing, making it even more difficult for families to afford the care they need. However, there are some things you can do to reduce your healthcare … Read more
Prepare to maximize your healthcare savings! As we approach 2025, the annual contribution limit for Health Care Flexible Spending Accounts (FSAs) is set to undergo a significant adjustment. Understanding the latest updates and leveraging the benefits of this valuable savings tool can empower you to make informed decisions and optimize your financial well-being. The upcoming … Read more
FSA contributions can be a great way to reduce your tax burden and increase your retirement savings. These contributions are made on a pre-tax basis, meaning they are deducted from your paycheck before taxes are calculated. As a result, you pay less in taxes on your paycheck each payday. The maximum amount you can contribute … Read more
The Dependent Care FSA (DCFSA) is a great way to save money on childcare expenses. In 2025, the DCFSA limit will be increasing, which means you can save even more. This is a significant increase from the current limit of $5,000 per year. The additional savings can make a big difference for families who are … Read more
