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According to recent figures released by the Internal Revenue Service, limits on out-of-pocket expenses and contributions to flexible spending accounts, 401(k)s, health savings accounts and high-deductible health plans will increase in 2024.
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These increases come as the inflation rate remains stubbornly high at 3.2% in October. And economists say this rate is not likely to fall to the Fed’s long-term target of 2% in 2024. Contribution limits to health savings accounts, for example, are adjusted for inflation by the IRS. The changes are slated to take effect Jan. 1.
Employees can save money on their income tax
