2022 Year-End Tax Tips Steelcase

Healthcare Provider Update: Healthcare Provider for Steelcase Steelcase employees typically access healthcare services through major national insurance providers, with several options available depending on their specific employee benefits plan. Common providers offering plans for Steelcase employees may include larger insurers like UnitedHealthcare, Anthem, and Cigna, among others. Employees should refer to their employee benefits information for the precise names and details of the providers available to them. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are poised to rise significantly, driven by anticipated increases in health insurance premiums through the Affordable Care Act (ACA). Some states may see hikes exceeding 60%, largely due to increasing medical costs, the potential loss of enhanced federal subsidies, and aggressive rate adjustments from major insurers. Without congressional intervention to extend these subsidies, a staggering 92% of marketplace enrollees could face premium increases over 75%, putting affordable healthcare coverage further out of reach for many. For Steelcase employees relying on ACA coverage, these changes could lead to steep financial burdens come 2026. Click here to learn more

'For Steelcase 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 Steelcase 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 Steelcase 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 Steelcase 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 Steelcase 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 Steelcase, doing so may allow you to defer income tax payment until the following year.

2. Accelerate deductions

Employees and retirees of Steelcase 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 Steelcase 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