Tax season is open for 2016: 10 changes and five weird deductions

The 2016 tax season officially started Jan. 19 - the first day the Internal Revenue Service began accepting individual electronic tax forms. With that in mind, here are the newest changes the IRS has implemented - along with some of the more surprising deductions you can claim.

9. Contribution limits stay the same for IRA, Roth IRA, and 401(k) plans

Murad Sezer /Reuters/File
A money changer counts US dollar bills at a currency exchange office in central Istanbul. With the right habits in place, saving money can become an easy and manageable task.

For these plans, contribution limits are still set where they were for 2015, meaning that it’s more important than ever to make sure you’re getting the maximum return on your investment.

In Roth and IRA plans, the contribution maximum is still $5,500 for those age 50 or younger, while the maximum for 401(k) plans is still set at $18,000 for people who are under age 50.

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Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

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