Essential Year-End Tax Strategies for MGM Resorts International Employees

Healthcare Provider Update: Healthcare Provider for MGM Resorts International MGM Resorts International primarily collaborates with various healthcare providers depending on the location and specific needs of their employees. However, the organization does not disclose a singular healthcare provider in publicly available resources. The company typically partners with major health insurance companies to offer medical benefits to its workforce. Potential Healthcare Cost Increases in 2026 As we approach 2026, MGM Resorts International employees are facing significant challenges concerning healthcare costs. With anticipated premium hikes on Affordable Care Act (ACA) marketplace plans, some states may see increases exceeding 60%. Without an extension of enhanced federal premium subsidies, many employees could experience premium surges of up to 75%. This financial burden is compounded by soaring medical costs associated with advances in therapies, such as GLP-1 medications, alongside aggressive rate hikes from top insurers. As a result, employees might find themselves shouldering a greater share of healthcare expenses, necessitating strategic planning to mitigate these anticipated increases. Click here to learn more

Here are some things for MGM Resorts International 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
MGM Resorts International employees must consider opportunities to defer income to next year, particularly if you expect to 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 MGM Resorts International employee, doing so may enable you to postpone payment of tax on the income until next year. 

 

2. Accelerate deductions
MGM Resorts International 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 waiting until after year-end) could make a difference on your current-year return.

3. Make deductible charitable contributions
As a MGM Resorts International 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.)

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4. Bump up withholding to cover a tax shortfall
As a MGM Resorts International 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 MGM Resorts International employees to request a Form W-4 change and for their employers from MGM Resorts International to implement it in time. 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 MGM Resorts International 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 MGM Resorts International-sponsored retirement plan such as a 401(k) can reduce your taxable income for the current year. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2026, MGM Resorts International employees can contribute up to $24,500 to a 401(k) plan ($32,500 if you're age 50 or older) and up to $7,500 to traditional and Roth IRAs combined ($8,500 if you're age 50 or older).* Contributions to employer-sponsored plans generally close at the end of the calendar year, while IRA contributions can typically be made until the tax filing deadline in April of the following year.

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

 

Tags:  Financial Planning ,  Tax ,  Retirement ,  2022

That same shift from growing assets to drawing them down applies directly to the pension decisions in front of you at MGM Resorts International. Without a traditional pension, your 401(k) - alongside Social Security - forms the foundation of your retirement income at MGM Resorts International. MGM Resorts International may offer a 401(k) employer match - review your Summary Plan Description for current match rate and vesting details. Your overall withdrawal strategy, account sequence, and Roth conversion opportunities leading up to and into retirement deserve careful, personalized analysis given the income-sequencing implications.

On the healthcare side, MGM Resorts International does not offer continued medical coverage to retirees, which means coverage through the company ends when employment does. Planning for the cost of health insurance during any gap between your retirement date and Medicare eligibility at age 65 is a critical step - marketplace coverage, COBRA continuation, or a spouse's employer plan are common options. Building an accurate estimate of bridge-coverage costs into your retirement income projection prevents underestimating one of the largest variable expenses retirees face. Connecting your specific MGM Resorts International benefits situation to a comprehensive retirement income plan - and understanding how each component interacts - gives you the most complete picture of what retirement will look like.