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

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

Healthcare Provider Update: Healthcare Provider for Werner Enterprises Werner Enterprises primarily partners with UnitedHealthcare as its healthcare provider. This collaboration allows the company to offer a range of health insurance options to its employees, ensuring access to comprehensive healthcare services. Potential Healthcare Cost Increases in 2026 As healthcare costs continue to rise, employees at Werner Enterprises can expect to face significant increases in their healthcare expenses by 2026. Amid pressures like soaring medical costs and the potential expiration of federal premium subsidies under the Affordable Care Act (ACA), many employers are likely to shift more financial responsibilities onto their workforce. Reports suggest that healthcare costs for businesses are projected to increase by approximately 8.5%, prompting employers to reconsider benefit designs and raise deductibles. Consequently, Werner Enterprises employees may need to navigate higher out-of-pocket expenses while planning for the year ahead. Click here to learn more

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

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

Werner Enterprises offers a 401(k) retirement savings plan to its employees.

How can employees of Werner Enterprises enroll in the 401(k) plan?

Employees can enroll in the Werner Enterprises 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What is the company match for the 401(k) plan at Werner Enterprises?

Werner Enterprises provides a company match of 50% on employee contributions up to a certain percentage of their salary.

Are there any eligibility requirements to participate in the 401(k) plan at Werner Enterprises?

Yes, employees must meet specific eligibility requirements, such as completing a certain period of service, to participate in the Werner Enterprises 401(k) plan.

Can employees of Werner Enterprises change their contribution percentage to the 401(k) plan?

Yes, employees can change their contribution percentage at any time by accessing their account online or contacting HR at Werner Enterprises.

What investment options are available in the Werner Enterprises 401(k) plan?

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

Does Werner Enterprises allow employees to take loans against their 401(k) savings?

Yes, Werner Enterprises allows employees to take loans against their 401(k) savings under certain conditions.

What happens to my 401(k) account if I leave Werner Enterprises?

If you leave Werner Enterprises, you can choose to roll over your 401(k) account to another retirement plan, cash it out, or leave it with Werner Enterprises.

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

Yes, Werner Enterprises has a vesting schedule for the company match, which means employees must work for a certain number of years to fully own the matched funds.

How often can employees of Werner Enterprises review their 401(k) account statements?

Employees can review their 401(k) account statements quarterly through the online portal provided by Werner Enterprises.