Health Flexible Spending Arrangements in 2016

Archive for December 2015

Health Flexible Spending Arrangements in 2016

Eligible employees should begin planning now to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan…

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Retirement Contribution Limits Announced for 2016

The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. However, other limitations…

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Employee or Independent Contractor – Which Is It?

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because…

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2015 Tax Provisions for Businesses: A Review

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2015. Standard Mileage Rates  The standard mileage rates in 2015 are as follows: 57.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven…

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2015 Tax Provisions for Individuals: A Review

From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2012–tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families need to know about tax provisions…

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