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New Tax Numbers for 2015

IRS Release Inflation-Adjusted Amounts for 2015

Each year, certain tax benefits and rates are adjusted for inflation.  Recently, the adjustments for 2015 were announced by the IRS including:

  • The deduction for personal exemptions will rise to $4,000, up from $3,950 for 2014.
  • The annual exclusion for gifts will remain at $14,000.
  • The basic estate tax exclusion per person will rise to $5,430,000, up from $5,340,000 for 2014.
  • Employee contributions to employer-sponsored healthcare flexible spending accounts (FSA) will rise to $2,550, up from $2,500 for 2014.
  • Elective deferrals to 401k plans will increase to $18,000, up from $17,500 in 2014, and the "catch-up" limit for employees aged 50 or better increases to $6,000, up from $5,500 for 2014.
  • For contributions to an IRA, the annual contribution remains unchanged at $5,500, as well as the age 50 or better catch up at $1,000.
  • Deductible contributions to a health savings account (HSA) will rise to $3,350 for individual plans and $6,650 for family plans, up from $3,300 and $6,550, respectively.  The catch-up amount for participants age 55 or better will remain unchanged at $1,000.
  • The overall contribution limit applicable to defined contribution plans (i.e., 401k, profit-sharing, etc.) will rise to $53,000, up from $52,000 for 2014.

 


Call us today to find out how this affects you and your business!


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Loveland, Colorado 80537

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