New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Essential Year-End Tax Strategies for Las Vegas Sands Employees: What You Need to Know Before 2023

Healthcare Provider Update: Healthcare Provider for Las Vegas Sands Las Vegas Sands offers its employees healthcare benefits that mainly involve coverage through a network of managed care plans, including offerings from major national insurers like UnitedHealthcare and Anthem BlueCross BlueShield. Employees typically have access to various plan options, allowing them to choose a coverage level that best meets their healthcare needs. Potential Healthcare Cost Increases in 2026 As 2026 approaches, Las Vegas Sands employees are likely to face significant increases in healthcare costs. Premiums in the ACA marketplace are projected to rise sharply, potentially by over 60% in some states, driven by escalating medical care costs and the anticipated expiration of enhanced federal subsidies. This situation may lead to employers like Las Vegas Sands shifting more healthcare expenses onto employees, with many firms indicating plans to increase deductibles and out-of-pocket maximums. Consequently, employees must prepare for a potentially hefty financial impact when selecting their health plans for the upcoming year. Click here to learn more

Here are some things for Las Vegas Sands employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
Las Vegas Sands employees must consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rent, and payments for services. As a Las Vegas Sands employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
Las Vegas Sands employees and retirees should also look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses such as medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could make a difference on your 2022 return.

3. Make deductible charitable contributions
As a Las Vegas Sands employee, if you itemize deductions on your federal income tax return, you can generally deduct charitable contributions, but the deduction is limited to 50% (currently increased to 60% for cash contributions to public charities), 30%, or 20% of your adjusted gross income (AGI), depending on the type of property you give and the type of organization to which you contribute. (Excess amounts can be carried over for up to five years.)

Featured Video

Articles you may find interesting:

4. Bump up withholding to cover a tax shortfall
As a Las Vegas Sands employee, if it looks as though you will owe federal income tax for the year, consider increasing your withholding on Form W-4 for the remainder of the year to cover the shortfall. Time may be limited for Las Vegas Sands employees to request a Form W-4 change and for their employers from Las Vegas Sands to implement it in time for 2022. The biggest advantage in doing so is that withholding is considered as having been paid evenly throughout the year instead of when the dollars are actually taken from your paycheck. This strategy can be implemented by Las Vegas Sands employees to make up for low or missing quarterly estimated tax payments.

5. Save more for retirement
Deductible contributions to a traditional IRA and pre-tax contributions to a Las Vegas Sands-sponsored retirement plan such as a 401(k) can reduce your 2022 taxable income. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2022, Las Vegas Sands employees can contribute up to $20,500 to a 401(k) plan ($27,000 if you're age 50 or older) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if you're age 50 or older).* The window to make 2022 contributions to a Las Vegas Sands-sponsored plan generally closes at the end of the year, while you have until April 18, 2023, to make 2022 IRA contributions.

*Roth contributions are not deductible, but Roth-qualified distributions are not taxable.

6. Take the required minimum distributions
If you are a Las Vegas Sands employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Las Vegas Sands-sponsored retirement plans (special rules apply if you're still working and participating in Las Vegas Sands's retirement plan). You have to make the withdrawals by the date required — the end of the year for most individuals. The penalty for failing to do so is substantial: 50% of the amount that wasn't distributed on time. As a fortune 500 employee, making these distributions in a timely manner is essential as to avoid the late penalty.

7. Weigh year-end investment moves
Las Vegas Sands employees and retirees shouldn't let tax considerations drive investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. For example, if you have realized net capital gains from selling securities at a profit, you might avoid being taxed on some or all of those gains by selling losing positions. As a Las Vegas Sands employee, any losses over and above the number of your gains can be used to offset up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your taxes in future years.

Tags: Financial Planning , Tax , Retirement , 2022

What is the 401(k) plan offered by Las Vegas Sands?

The 401(k) plan at Las Vegas Sands is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or post-tax basis.

How can I enroll in the Las Vegas Sands 401(k) plan?

Employees can enroll in the Las Vegas Sands 401(k) plan by completing the enrollment form available through the HR department or the company’s benefits portal.

What is the employer match for the Las Vegas Sands 401(k) plan?

Las Vegas Sands offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

Can I change my contribution rate to the Las Vegas Sands 401(k) plan?

Yes, employees can change their contribution rate to the Las Vegas Sands 401(k) plan at any time by accessing their account online or contacting HR.

What investment options are available in the Las Vegas Sands 401(k) plan?

The Las Vegas Sands 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Is there a vesting schedule for the employer match in the Las Vegas Sands 401(k) plan?

Yes, Las Vegas Sands has a vesting schedule for the employer match, which means employees must work for the company for a certain period before they fully own the matched funds.

How can I access my Las Vegas Sands 401(k) account?

Employees can access their Las Vegas Sands 401(k) account online through the designated benefits portal or by contacting the plan administrator.

What happens to my Las Vegas Sands 401(k) if I leave the company?

If you leave Las Vegas Sands, you have several options for your 401(k), including cashing out, rolling it over to another retirement account, or leaving it in the Las Vegas Sands plan if eligible.

Are there any fees associated with the Las Vegas Sands 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Las Vegas Sands 401(k) plan, which are disclosed in the plan documents.

Can I take a loan from my Las Vegas Sands 401(k) plan?

Yes, employees may be able to take a loan from their Las Vegas Sands 401(k) plan, subject to the plan's specific rules and limits.