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

Essential Year-End Tax Strategies for Silgan Holdings Employees: What You Need to Know Before 2023

Healthcare Provider Update: Healthcare Provider for Silgan Holdings Silgan Holdings does not have a specific healthcare provider listed; however, employees typically access health insurance benefits through a range of options offered in partnership with various insurers, including larger players in the healthcare market. Brief Overview of Potential Healthcare Cost Increases in 2026 As 2026 approaches, healthcare costs are expected to surge significantly for employees of Silgan Holdings. Anticipated changes in the Affordable Care Act (ACA) marketplace, coupled with increased medical expenses, are likely to result in premium hikes that could exceed 60% in some states. A combination of the expiration of enhanced federal subsidies and soaring costs for medical services-driven by factors such as the rising prices of medications and hospital care-means that many employees could face sharp increases in their out-of-pocket expenses. To mitigate these impacts, it may be essential for employees to familiarize themselves with upcoming benefit changes and explore strategic options for managing their healthcare expenditures. Click here to learn more

Here are some things for Silgan Holdings 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
Silgan Holdings 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 Silgan Holdings employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
Silgan Holdings 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 Silgan Holdings 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 Silgan Holdings 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 Silgan Holdings employees to request a Form W-4 change and for their employers from Silgan Holdings 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 Silgan Holdings 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 Silgan Holdings-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, Silgan Holdings 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 Silgan Holdings-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 Silgan Holdings employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Silgan Holdings-sponsored retirement plans (special rules apply if you're still working and participating in Silgan Holdings'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
Silgan Holdings 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 Silgan Holdings 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 type of retirement plan does Silgan Holdings offer to its employees?

Silgan Holdings offers a 401(k) retirement savings plan to its employees.

How can employees at Silgan Holdings enroll in the 401(k) plan?

Employees can enroll in the Silgan Holdings 401(k) plan by completing the enrollment process online through the company’s benefits portal.

Does Silgan Holdings provide a company match for 401(k) contributions?

Yes, Silgan Holdings provides a company match for employee contributions to the 401(k) plan, up to a certain percentage.

What is the maximum contribution limit for the Silgan Holdings 401(k) plan?

The maximum contribution limit for the Silgan Holdings 401(k) plan is in accordance with IRS guidelines, which may change annually.

Can employees at Silgan Holdings take loans against their 401(k) savings?

Yes, employees at Silgan Holdings may have the option to take loans against their 401(k) savings, subject to the plan's terms.

What investment options are available in the Silgan Holdings 401(k) plan?

The Silgan Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees at Silgan Holdings change their 401(k) contribution amounts?

Employees at Silgan Holdings can change their 401(k) contribution amounts at any time, subject to the plan's rules.

What happens to the 401(k) savings if an employee leaves Silgan Holdings?

If an employee leaves Silgan Holdings, they can roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the Silgan Holdings plan, depending on the plan's provisions.

Is there a vesting schedule for the company match in the Silgan Holdings 401(k) plan?

Yes, Silgan Holdings has a vesting schedule for the company match, which determines when employees fully own the matched contributions.

Are there any fees associated with the Silgan Holdings 401(k) plan?

Yes, there may be administrative and investment fees associated with the Silgan Holdings 401(k) plan, which are disclosed in the plan documents.