Tagged: inflation adjustments

Picture of a stone sign on the IRS building in Washington, D.C.

IRS Announces 2016 HSA Contribution Limitations

The Internal Revenue Service today issued guidance on the HSA Contribution limitations that will take effect for tax year 2016. The 2016 limitation on HSA Contributions will be $3,350 for an individual with self-only healthcare coverage under a high-deductible health plan, and $6,750 for an individual with family coverage under a high-deductible health plan.[1] This means that the contribution limit...

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

Standard Mileage Rates for Tax Year 2015

The IRS today announced the standard mileage rates that will apply towards business, charitable, medical and moving use of vehicles for tax deduction purposes. The optional standard mileage rates for 2015 will be as follows:[1] Type of Use: Standard Mileage Rate: Business 57.5 cents/mile Medical/Moving 23 cents/mile Charitable 14 cents/mile In comparison with the 2014 standard mileage rates, one rate...

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IRS Announces Limit on 401(k) Contributions for 2015 Tax Year

The IRS today announced the inflationary adjustments to the limitation on contributions to pension plans for tax year 2015. Because of the increasing cost-of-living, the plan limitations will, per the announcement, experience an increase. The increases are detailed as follows:[1] 401(k) Contributions Limit: The pre-tax limit on contributions to a 401(k), 403(b), Thrift Savings, and 457 plans has been increased...