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

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

Healthcare Provider Update: Healthcare Provider for Stericycle Stericycle, a leading provider of medical waste management services, collaborates with various healthcare facilities, which include hospitals, clinics, and laboratories, to provide environmentally responsible solutions for waste disposal and compliance services. Their focus is on ensuring that medical waste is managed safely and effectively, minimizing risks to public health and safety. Potential Healthcare Cost Increases in 2026 In 2026, Stericycle employees may find themselves facing significant increases in healthcare expenses, as rising costs continue to dominate the landscape. Multiple factors contribute to this situation, including the anticipated expiration of enhanced federal premium subsidies and soaring medical costs, with estimates suggesting a potential spike in premiums by over 60% across various states. As employers, including Stericycle, adjust benefit structures to mitigate these rising expenses, employees may bear a larger share of healthcare costs through higher deductibles and out-of-pocket maximums. Awareness and proactive planning for these changes are essential to minimize the financial impact on households. Click here to learn more

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

2. Accelerate deductions
Stericycle 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 Stericycle 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 Stericycle 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 Stericycle employees to request a Form W-4 change and for their employers from Stericycle 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 Stericycle 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 Stericycle-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, Stericycle 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 Stericycle-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 Stericycle employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Stericycle-sponsored retirement plans (special rules apply if you're still working and participating in Stericycle'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
Stericycle 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 Stericycle 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 types of contributions can employees make to Stericycle's 401(k) plan?

Employees at Stericycle can make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if they are eligible.

Does Stericycle offer a company match for 401(k) contributions?

Yes, Stericycle provides a company match on employee contributions to the 401(k) plan, subject to certain limits.

When can I enroll in Stericycle's 401(k) plan?

Employees can enroll in Stericycle's 401(k) plan during the initial enrollment period or during the annual open enrollment period.

What is the vesting schedule for Stericycle's 401(k) company match?

Stericycle has a vesting schedule for the company match, which typically requires employees to be with the company for a certain number of years before they fully own the matched contributions.

How can I access my Stericycle 401(k) account information?

Employees can access their Stericycle 401(k) account information through the company's designated retirement plan website or by contacting the plan administrator.

Can I take a loan against my Stericycle 401(k) plan?

Yes, Stericycle allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.

What investment options are available in Stericycle's 401(k) plan?

Stericycle's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can I change my contribution amount to Stericycle's 401(k) plan?

Employees can change their contribution amount to Stericycle's 401(k) plan at any time, subject to the plan's guidelines.

What happens to my Stericycle 401(k) if I leave the company?

If you leave Stericycle, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Stericycle plan if allowed.

Does Stericycle provide financial education regarding the 401(k) plan?

Yes, Stericycle offers resources and financial education to help employees understand their 401(k) options and make informed decisions.