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November 2012 Tax Alerts
IRS Releases 2013 Tax Numbers
IRS Announces 2013 HSA Limits
Health Savings Accounts (HSAs) allow taxpayers with high-deductible health insurance to set aside tax-deductible dollars that can be used tax-free to pay unreimbursed medical expenses. If you have an HSA, youll be able to contribute more in 2013, thanks to the inflation-adjusted limit recently announced by the IRS. The amount you can set aside in 2013 will increase to $3,250 for an individual and to $6,450 for a family. If youre 55 or older, youre allowed an additional $1,000 contribution. For 2013, a high-deductible health plan is one with an annual deductible that is not less than $1,250 for self-only coverage or $2,500 for family coverage. Annual out-of-pocket expenses cannot exceed $6,250 for self-only coverage or $12,500 for family coverage. IRS Delays Reporting for Bonds and Options
The IRS is giving brokers extra time to start reporting the basis in debt instruments and options. This requirement had been scheduled to go into effect on January 1, 2013, but brokers and other involved parties complained to the IRS that this did not give them enough time to build and test the systems required to meet this obligation. The IRS has extended the deadline to January 1, 2014. This reporting requirement was the third phase of investment basis reporting included in a 2008 tax law. < Back |
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