Benefits Limits for 2026
Each year, the IRS sets new limits for ACA high deductible plans, employee benefits plans, flex plans, QSEHRAs, and retirement plans. Below is Lake Effect’s ready reference chart showing the Benefits Limits for the 2026 tax year. Download Benefits Table 2025 2026 Flexible Spending Accounts (FSAs) Healthcare FSA max election (per year) […]
Updated W-2 Tax Form: Tax Deductions on Qualified Tips and a Portion of Overtime Pay
UPDATE TO LAKE EFFECT’S AUGUST 27, 2025 BLOG ON THIS TOPIC In July 2025, the Trump Administration’s signature budget bill became law as Public Law 119-21. Of note for employers and employees, the bill permits tax deductions for “qualified tips” and a portion of overtime pay, as detailed in this IRS Fact Sheet. In August, […]
