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2022 Year-End Tax Tips Gray Television

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'For Gray Television employees, proactive tax planning strategies, like deferring income and accelerating deductions, can significantly enhance retirement readiness, and working with an advisor like Kevin Landis from The Retirement Group, a division of Wealth Enhancement Group, can help you make the most of these opportunities.'

'As the tax landscape evolves, it's crucial for Gray Television employees to carefully weigh year-end moves such as contributing to retirement accounts or adjusting withholding, and an advisor like Brent Wolf from The Retirement Group, a division of Wealth Enhancement Group, can guide you in optimizing your tax strategy for long-term financial success.'

In this article we will discuss:

1. Tax strategies for employees and retirees of Gray Television companies, including deferring income and accelerating deductions.
2. Charitable contributions and their impact on tax returns for individuals who itemize deductions.
3. The importance of required minimum distributions (RMDs) and year-end investment decisions.
According to a recent study by the Insured Retirement Institute (IRI), a leading financial research firm, 60% of Baby Boomers plan to continue working in some capacity during retirement. This means that for many employees and retirees of Gray Television companies, tax planning strategies will continue to be relevant well beyond retirement age. It is important for this demographic to consider the impact of their retirement income on their tax liabilities, as well as the tax implications of continuing to work in retirement. With that taken into account, Here are some factors for employees and retirees of Gray Television companies to consider as they evaluate potential tax moves between now and the end of the year.
1. Defer income to next year

Consider opportunities to defer income until 2023, especially if you believe you will be in a reduced tax bracket in 2023. For instance, you may be able to defer an end-of-year bonus or delay the collection of business debts, rent, and service payments. As an employee of Gray Television, doing so may allow you to defer income tax payment until the following year.

2. Accelerate deductions

Employees and retirees of Gray Television should also seek opportunities to accelerate deductions into the current tax year. If you itemize deductions, paying medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could affect your 2022 tax return.

3. Make deductible charitable contributions

Generally, if you are an employee of Gray Television and itemize deductions on your federal income tax return, you can deduct charitable contributions up 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 donate and the type of organization to which you donate. (Exceeding quantities may be carried forward for a maximum of five years.)

4. Bump up withholding to cover a tax shortfall

If it appears that you will incur federal income tax for the year as an employee of Gray Television, consider increasing your withholding on Form W-4 for the remainder of the year to cover the shortfall. Time may be limited for Gray Television employees to request a Form W-4 modification and for their employers to implement the change by 2022. The greatest benefit is that withholding is considered to have been paid equitably throughout the year, as opposed to when the dollars are actually deducted from your paycheck. This strategy can be utilized by employees of Gray Television to make up for missed or insufficient quarterly estimated tax payments.

5. Save more for retirement

You can reduce your 2022 taxable income through contributions to a traditional IRA and a 401(k) sponsored by a Gray Television company. If you are an employee of Gray Television and have not already contributed the maximum amount, you should consider doing so. For 2022, Gray Television employees can contribute up to $20,500 to a 401(k) plan ($27,000 if over 50) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if over 50).* The window for 2022 contributions to a Gray Television-sponsored plan typically concludes at the end of the year, whereas the deadline for 2022 IRA contributions is April 18, 2023.

Contributions to a Roth account are not tax-deductible, but qualified Roth distributions are not taxable.

6. Take the required minimum distributions

If you are 72 or older and work for Gray Television, you are generally required to take required minimum distributions (RMDs) from traditional IRAs and Gray Television-sponsored retirement plans (exceptions apply if you are still employed and participating in Gray Television's retirement plan). The deadline for withdrawals is typically the end of the year for most individuals. The penalty for noncompliance is severe: fifty percent of the quantity that was not distributed on time. As an employee of Gray Television, it is imperative that you make these distributions on time to avoid the late payment penalty.

7. Weigh year-end investment moves

Gray Television employees and retirees shouldn't let tax considerations dictate investment decisions. Nonetheless, you should consider the tax implications of any year-end investment decisions. If you have realized net capital gains from the sale of securities at a profit, you may be able to avoid taxation on some or all of these gains by selling negative positions. Any losses in excess of your gains as an employee of Gray Television can be used to mitigate up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your tax liability in future years.

Conclusion

Preparing your taxes is like taking care of your health. Just as you need to stay on top of your physical well-being to prevent future health issues, you also need to plan ahead and take the necessary steps to ensure that you're not hit with unexpected tax liabilities in the future. By deferring income, accelerating deductions, making charitable contributions, and contributing to your retirement accounts, you can ensure that your financial health is in good shape for the years ahead. Just as you wouldn't skip your annual check-up, you shouldn't overlook the importance of taking care of your taxes.

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Sources :

1. Weltman, Barbara. '5 Tax Planning Strategies for Your Retirement Income.' Investopedia , 3 Oct. 2022, https://www.investopedia.com/retirement/tax-strategies-your-retirement-income/?utm_source=chatgpt.com .

2. Morgan Stanley. 'Tax-Smart Strategies for Your Retirement.' Morgan Stanley , 2023, https://www.morganstanley.com/articles/tax-strategies-for-retirement?utm_source=chatgpt.com .

3. Vanguard. 'Tax-Efficient Retirement Strategy.' Vanguard , 2023, https://investor.vanguard.com/advice/tax-efficient-retirement-strategy?utm_source=chatgpt.com .

4. Thrivent. '6 Retirement Tax Planning Strategies You Should Know.' Thrivent , 2023, https://www.thrivent.com/insights/taxes/6-retirement-tax-planning-strategies-you-should-know?utm_source=chatgpt.com .

5. New York Life Insurance. 'Tax Planning Strategies for Retirement.' New York Life Insurance , 2023, https://www.newyorklife.com/articles/tax-considerations-in-retirement?utm_source=chatgpt.com .

What type of retirement plan does Gray Television offer to its employees?

Gray Television offers a 401(k) savings plan to help employees save for retirement.

Does Gray Television match employee contributions to the 401(k) plan?

Yes, Gray Television provides a matching contribution to the 401(k) plan, which enhances employees' retirement savings.

How can employees at Gray Television enroll in the 401(k) plan?

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

What is the eligibility requirement for Gray Television employees to participate in the 401(k) plan?

Most employees at Gray Television are eligible to participate in the 401(k) plan after completing a specified period of employment, typically 30 days.

Can Gray Television employees choose how their 401(k) contributions are invested?

Yes, employees at Gray Television can choose from a variety of investment options for their 401(k) contributions.

What is the maximum contribution limit for Gray Television employees participating in the 401(k) plan?

The maximum contribution limit for Gray Television employees is subject to IRS regulations, which may change annually.

Does Gray Television offer any financial education resources for employees regarding the 401(k) plan?

Yes, Gray Television provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.

Are there any fees associated with managing the 401(k) plan at Gray Television?

Yes, like most 401(k) plans, there may be administrative fees associated with managing the plan at Gray Television.

Can Gray Television employees take loans against their 401(k) savings?

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

What happens to a Gray Television employee's 401(k) savings if they leave the company?

If a Gray Television employee leaves the company, they can roll over their 401(k) savings into another retirement account or take a distribution, depending on their preference.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Gray Television Pension Plan Name of the Plan: Gray Television does not appear to have a traditional defined benefit pension plan as of the latest available reports. Eligibility: Gray Television primarily offers a 401(k) plan rather than a traditional pension plan. Pension Formula: Not applicable.. Gray Television 401(k) Plan Name of the Plan: Gray Television 401(k) Plan. Eligibility: Employees are eligible to participate in the 401(k) plan after completing 90 days of service. 401(k) Plan Details: The plan includes employer matching contributions up to a certain percentage.

Restructuring and Layoffs: In August 2023, Gray Television announced a restructuring plan to streamline operations and improve efficiency. This included the elimination of certain positions, particularly in non-core areas. The company cited the need to adapt to changing media consumption patterns and economic pressures as key reasons for these changes. The restructuring is part of a broader strategy to enhance profitability and maintain competitive advantage in the evolving media landscape. It is crucial to address this news due to the current economic environment, which may impact job stability and career planning in the media sector. Changes to Company Benefits and Retirement Plans: In July 2024, Gray Television updated its employee benefits package, which included modifications to its pension and 401(k) plans. The company introduced changes aimed at aligning retirement benefits with industry standards and addressing financial sustainability. These adjustments are part of a broader effort to manage costs and ensure long-term financial health amidst fluctuating market conditions. Employees should stay informed about these changes due to the implications they may have on retirement planning and financial security in the context of ongoing economic uncertainty.

Gray Television (GT) Stock Options and RSUs (2022) Stock Options: Gray Television (GT) offered stock options to select executives and senior management in 2022. The options were granted as part of the company’s long-term incentive plan to attract and retain top talent. Restricted Stock Units (RSU): RSUs were granted to executives as well as key employees based on performance and tenure. These units were designed to align the interests of employees with shareholders. Gray Television (GT) Stock Options and RSUs (2023) Stock Options: In 2023, Gray Television (GT) continued to provide stock options primarily to senior executives and high-performing employees. These options were part of a revised incentive compensation plan. Restricted Stock Units (RSU): RSUs were granted to a broader range of employees, including mid-level management, with vesting schedules tied to performance metrics. Gray Television (GT) Stock Options and RSUs (2024) Stock Options: The company issued new stock options in 2024 under a refreshed equity incentive program. These options were available mainly to upper management and key contributors. Restricted Stock Units (RSU): RSUs in 2024 were expanded to include more employees, aiming to foster long-term commitment and reward performance over time.

Health Benefits Information (2022-2024) 1. Gray Television Official Website: Website: Gray Television Careers Details: Gray Television offers a variety of health benefits including medical, dental, and vision insurance. Their benefits package typically includes options for both employee and family coverage, with various plan tiers available to cater to different needs. 2. Health Insurance Plans: Types of Plans: Gray Television provides several health insurance plans which may include Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), and High Deductible Health Plans (HDHPs). Specific details about plan costs and coverage options are generally available to employees upon hiring and during open enrollment periods. 3. Employee Benefits Review Websites: Glassdoor: Employee reviews often mention health benefits in the context of overall compensation. The benefits are generally considered competitive, with particular emphasis on the quality of medical coverage. Indeed: Similar to Glassdoor, reviews on Indeed highlight that health benefits are a key part of Gray Television’s compensation package. There might be variations in the benefits offered based on job position and location. Payscale: Offers insights into average salaries and benefits, noting that Gray Television provides standard health insurance options. LinkedIn: Discussions on LinkedIn sometimes include employee testimonials about the company’s benefits, including healthcare. These reviews typically praise the availability of comprehensive health plans. Comparably: Provides information on employee satisfaction with health benefits. Gray Television’s benefits are generally rated well compared to industry standards. 4. Recent Healthcare News: Healthcare Initiatives: Recent updates or changes to health benefits are often tied to broader company policy changes or industry trends. Specific details about recent changes might be less frequently updated in public sources but can be available through employee reviews or official company announcements. Employee Health Programs: Gray Television may offer wellness programs or health initiatives, such as mental health support or wellness challenges, though specific details might not always be prominently featured. Healthcare-Related Terms and Acronyms HMO (Health Maintenance Organization): A type of health insurance plan that requires members to get care from a network of doctors and hospitals. PPO (Preferred Provider Organization): A plan that offers more flexibility in choosing healthcare providers and does not require referrals for specialists. HDHP (High Deductible Health Plan): A plan with lower premiums and higher deductibles, often paired with Health Savings Accounts (HSAs). HSA (Health Savings Account): A tax-advantaged account that can be used to pay for qualified medical expenses, often associated with HDHPs.