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Archive for the ‘Taxes’ Category

IRS Announces 2015 Contribution Limits

Tuesday, November 4th, 2014

Health Flexible Spending Accounts The maximum employee salary reduction contribution  will be increased to $2,550 from the 2014 level of $2,500. The increase applies to both full-purpose and limited-purpose health flexible spending accounts. Dependent Care  Spending Accounts Remains unchanged as follows:  $5,000 if the employee is married and filing a joint return or if the […]

Health Savings Account (HSA) Changes for 2012

Friday, November 18th, 2011

Annual contribution limitation For calendar year 2012, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,100. For calendar year 2012, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,250. High deductible health plan For calendar […]

What Happens to FSA Contributions When You Leave Employment?

Thursday, August 25th, 2011

If you choose to participate in FSA under COBRA, you may continue to contribute to the FSA Plan and you will be able to exhaust all available funds up to your annual election for Medical Reimbursement and up to your ‘dollar contribution to-date’ for Dependant Care; as long as you remain on COBRA. Please note […]

Health Reimbursement Accounts/Arrangements

Wednesday, July 27th, 2011

(HRA’s) are IRS sanctioned programs that allow an employer to set aside funds to reimburse medical expenses paid by participating employees. Using an HRA yields “tax advantages to offset health care costs” for both employees as well as an employer. HRAs are initiated by the employer and serviced by a third-party administrator or plan service […]

2011 FSA Eligible Expenses Guidelines

Wednesday, December 15th, 2010

2011 Healthcare Flexible Spending Account List of Eligible/Ineligible Expenses (For Guidance Only – Not Tax Advice)   What follows is a list of healthcare expenses reimbursable under your Healthcare FSA account. FSA expenses must be medically necessary and satisfy all other requirements for reimbursement under your employer’s Flexible Benefits Plan and applicable Federal Tax Law. […]