Word: pretax
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Dates: during 2000-2009
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MAXIMIZE FLEXIBLE-SPENDING DOLLARS. Here's a nifty loophole pointed out by Nancy Collamer, author of The Layoff Survival Guide: you can be paid the full amount of your annual, planned contribution to a pretax flexible-spending account for health care even before you have made the full annual contribution. So if you're worried about getting laid off, the usual December rush to the doctor may need to come early. After a layoff, you can make claims for only the amount that has accumulated in the account...
...ERSAs (employer retirement savings accounts) would be employer-sponsored workplace accounts. Employees could kick in as much as $12,000 a year in pretax money (the best kind) or $14,000 a year if they're age 50 or older. Taxes would be due upon withdrawal, either after age 59 1/2--as with today's 401(k)s--or perhaps earlier...
...Sullivan, 42, owner of Sullivan Hardware shops in the Indianapolis area, is surrounded by Lowe's outlets and a Home Depot. But he steadily increases revenues 6% to 8% a year, and he books pretax margins of about 10% on $5 million in annual sales. "I'm a speck to the chains," he says, "but I do well." Over the years, he adapted his merchandise mix and pricing to cope with the big-box stores. He knows he'll never beat Home Depot and Lowe's on prices for $100-plus power tools, so he stocks a minimal quantity. Instead...
When employees figure out that they'll lose any pretax money they set aside but don't spend, most simply move on. Who needs to roll the dice on something so unknowable as how often you'll get sick next year? And it's a slap in the face that your employer gets to keep the leftovers. We're not talking big bucks--roughly $20 a year goes unused in the typical health-care or dependent-care FSA. The real crime is that eligible workers grossly underuse fsas out of fear that they will overguesstimate expenses. Drop...
...When employees figure out that they'll lose any pretax money they set aside but don't spend, most simply move on. Who needs to roll the dice on something so unknowable as how often you'll get sick next year? And it's a slap in the face that your employer gets to keep the leftovers. We're not talking big bucks - roughly $20 a year goes unused in the typical health-care or dependent-care FSA. The real crime is that eligible workers grossly underuse FSAS out of fear that they will overguesstimate expenses. Drop...