TelePay Insurance

The Tax Corner - May 2015

By Nancy Espinoza, Tax Manager IRS Announces 2016 HSA Limits The IRS has announced the 2016 contribution limits for high-deductible health savings account. For individuals with self-only coverage, the contribution limit will remain at $3,350. For family coverage under a high-deductible plan, the 2016 limit will increase to $6,750. For details, click here . U.S. Department of Labor Publishes List of Potential Credit Reduction States for 2015 In March 2015, the Department of Labor published the St...
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TelePay Insurance

The Tax Corner - January 2015

 By Nancy Espinoza, Tax Manager IRS Releases 2015 Form W-4 The IRS has released the new 2015 W-4 form.  To access the form online, click here Employees who claimed exempt for 2014 must submit a new 2015 W-4 to employers by Feb. 18 to maintain their exempt status. If an employee fails to sign a 2015 W-4 showing exempt, the employer should withhold taxes for the employee based on a single with no exemption status. IRS Raises 2015 Standard Business Mileage Rate The standard business mileage rate fo...
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