J.K. Lasser's Small Business Taxes 2015: Your Complete Guide to a Better Bottom Line

APPENDIX C List of Dollar Limits and Amounts Adjusted for Inflation

1. Items Adjusted Annually for Inflation
2. Items Fixed by the Tax Code
3. Items Set by the IRS

 

Alert

At the time this book was printed, Congress had not extended numerous breaks for 2014 that had expired at the end of 2013. Check the online supplement in February 2015 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2014 returns.

Taxes are a moving target because many dollar limits and percentages change annually due to increases in inflation. However, some limits and amounts are fixed in the Tax Code and cannot be changed without an act of Congress. Still others are set by the IRS for administrative convenience and are not adjusted annually but could change at the IRS′ whim. To help you plan ahead, here are lists of items that may or may not change for the next tax year.

Items Adjusted Annually for Inflation

• 401(k) plans—the annual contribution limit through salary reductions as well as the additional contribution limit for those age 50 and older by year end.
• Adoption assistance—excludable employer-provided adoption assistance for employees ($12,970 for 2013; $13,190 for 2014).
• Archer medical savings accounts (MSAs)—the dollar limit on contributions for plans established before 2008.
• Health savings accounts (HSAs)—the dollar limit on contributions as well as the definition of a high-deductible health plan (HDHP).
• IRAs and Roth IRAs—the contribution limits as well as ...