Upcoming Tax Change for 2013 -2015; Health Savings Accounts

The IRS has changed the inflation adjusted annual limitation for the health savings accounts for next year.

 

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Click here for the details of the new tax code: Revenue Procedure 2013-15. The annual limitation on deductions under Section 223(b)(2)(A) of the Tax Code for an individual with self-only coverage under a high-deductible health insurance plan is $3,300.

For calendar year 2014, the annual limitation on deductions under Section 223(b)(2)(B) for an individual with family coverage under a high-deductible health insurance plan is $6,550.

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We will keep you updated on new changes in the tax code as they become available.

Forget Travel If You Owe the IRS?

Taxpayers may want to learn more about this new bill which is being, or has been introduced to Congress:  The bill proposes that if you owe the IRS more than a set amount that you won't be able to travel.

Please read the entire article on the Forbes website, cause when you repeat this information to your friends, you want to get it right.  Forget Travel If You Owe the IRS