Ready for These 10 Important 2021 Tax Changes?

8. HSA Contribution Limits Go Up

If you’re worried about future medical expenses or if you just want to ensure you’ll have enough money for unforeseen circumstances when you retire, it’s a good idea to open an HSA.

These allow you to save money in special, tax-advantaged accounts.

In 2021, contribution limits are going up, meaning you’ll be able to stash away $3,600 for self-only coverage and $7,200 for family coverage. The self-only coverage limit used to be $3,550 while the family coverage used to be $7,150 in 2020.

9. Estate Tax Exemption Limits Rise; Gift Tax Limits Remain the Same

In 2020, the estate tax exemption limit sat at $11.58 but in 2021 that exemption is going to rise to $11.7.

But don’t worry, at least gift tax limits are less confusing by staying the same… since 2018! The gift tax annual exclusion remains $15,000.

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