Tax Changes That Will Impact You in 2015

twl_2014_dec_blog5The IRS has announced additional changes to the tax code that will take effect in 2015. The most significant changes for most taxpayers are in the areas of retirement income. The limit for 401 (k) contributions will increase by $500 from $17,500 to $18,000. According to U.S. News & World Report, even that small increase in the contribution limit could yield an additional quarter million dollars for taxpayers if invested at 8 percent over a 25-year period.  Taxpayers will also see an increase in the contribution limits to their health savings account and flexible spending accounts.

Read the entire article to learn about other key tax changes coming in 2015.