Tax time is upon us and 2016 will bring some tax changes that you'll need to know about. By learning about these you'll be better able to take steps that will leave you prepared for both this year and next.
Contribution limits to 401(k) plans, IRAs, and flexible spending arrangements are all staying the same in 2016 as they were in 2015, reflecting the minimal amount of inflation in the economy.
You should check with the IRS to find out the exact details on some of these changes, however, here are a few notable tax changes for 2016.
- New Filing Date for Federal Taxes - First the good news, in 2016 individuals will be given a few more days to get there 2015 tax returns filed. Since April 15th landed on a holiday this year (Emancipation Day),