IRS publishes 2016 HSA contribution limits

HSA Contribution Limits 2016The IRS recently announced inflation-adjusted contribution limits for health savings accounts (HSAs) for 2016.

HSAs are a combination of a high-deductible health insurance plan and a savings account in which you set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses.

HSA Contribution Limits for 2016

The 2016 HSA contribution limit for individuals is $3,350; the limit for family coverage is $6,750. You can make a catch-up contribution of an additional $1,000 when you’re 55 or older.

Businesses say taxes are a hassle

In a survey of small businesses conducted by the National Small Business Association, 59% of respondents said taxes were more of an administrative burden than a financial one. Most businesses put payroll taxes at the top of the list of taxes with the greatest administrative burden. Payroll taxes also outranked other taxes, such as income, property, and sales taxes, as the top financial burden to businesses.

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