Increase Your Paycheck
A Cafeteria Plan allows you to select qualifying benefits from a ‘menu’ of choices. A portion of your salary is set aside into an account, before paying taxes. When you incur an expense, you are reimbursed with tax-free dollars from your account.
These reimbursements represent an additional benefit to you,
as they can avoid federal, Social Security, and state and local taxes, where applicable.
You will save money!
The OmniFlex Plan can help you make the most of your income by:
- Changing nondeductible medical and childcare expenses into tax-deductible items
- Allowing you to pick and choose the items you pay for with tax free dollars
- Helping you plan ahead for unexpected expenses, which normally come directly out of your pocket
- Directly increasing your “net spendable” take home pay
- Offering a hassle-free take care® VISA card to purchase qualified expenses
IRS Indexed Figures for 2014
The Internal Revenue Service has released its annual cost-of-living adjustments for the 2014 tax year. This information impacts Flexible Benefit plans, 401(K) plans, etc.
To read about the new figures for 2014, click here. (Note: The linked information will be revised to include the Standard Mileage Rates for 2014 when the information is released by the IRS later this year.)