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

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

Healthcare Provider Update: Healthcare Provider for Weis Markets Weis Markets offers its employees health insurance coverage through various providers, with a focus on major national insurers. In recent discussions, the need to evaluate options among different insurers has been highlighted due to expected premium increases in the Affordable Care Act (ACA) marketplace. Potential Healthcare Cost Increases for Weis Markets in 2026 As the healthcare landscape shifts, Weis Markets employees should prepare for significant increases in health care costs in 2026. With ACA premiums projected to rise sharply-some states anticipating hikes over 60%-the majority of workers relying on employer-sponsored plans may see greater out-of-pocket expenses. Factors driving these hikes include the potential expiration of enhanced federal subsidies and consistently rising medical costs. Employees are advised to review their benefit options and plan for the potential financial impact ahead to navigate this challenging environment effectively. Click here to learn more

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

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

Weis Markets offers a 401(k) retirement savings plan to its employees.

Is participation in the 401(k) plan at Weis Markets mandatory?

No, participation in the 401(k) plan at Weis Markets is voluntary.

What is the minimum age requirement to participate in the Weis Markets 401(k) plan?

Employees must be at least 21 years old to participate in the Weis Markets 401(k) plan.

Does Weis Markets match employee contributions to the 401(k) plan?

Yes, Weis Markets offers a matching contribution to employee contributions to the 401(k) plan, up to a certain percentage.

How can employees enroll in the 401(k) plan at Weis Markets?

Employees can enroll in the 401(k) plan at Weis Markets by completing the enrollment process through the company's benefits portal.

What are the contribution limits for the Weis Markets 401(k) plan?

The contribution limits for the Weis Markets 401(k) plan are in line with IRS regulations, which may change annually.

Can employees take loans against their 401(k) savings at Weis Markets?

Yes, Weis Markets allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in the Weis Markets 401(k) plan?

The Weis Markets 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles.

How often can employees change their contribution amount to the Weis Markets 401(k) plan?

Employees can change their contribution amount to the Weis Markets 401(k) plan at any time, subject to plan rules.

What happens to my 401(k) savings if I leave Weis Markets?

If you leave Weis Markets, you can choose to roll over your 401(k) savings into another retirement account or withdraw the funds, subject to taxes and penalties.