(775) 786-6141
Tax Guide

 

2019

2018

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 5,500
Section 401(k) plans 19,000 18,500
Section 415 limit for:
Defined contributions plans 56,000 55,000
Over age 50 additional contributions:
401(k) type plans 6,000 6,000
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return 103,000 101,000
Single or Head of Household 64,000 63,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 17,640 17,040
Months of the year prior to full retirement age 3,910/mo. 3,780/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 132,900 128,400
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) No limit No limit

Health Savings Accounts

Individual 3,500 3,450
Family 7,000 6,900
Catch-Up (55 or older) 1,000 1,000

Section 179 Expense

Maximum expense election 1,020,000 1,000,000
Phaseout threshold 2,550,000 2,500,000

Estate Taxes

Estate tax exemption 11,400,000 11,200,000
Top estate tax rate 40% 40%

Gift Taxes

Lifetime gift tax exemption 11,400,000 11,200,000
Annual gift tax exemption
Gifts per person 15,000 15,000
Joint gifts with spouse 30,000 30,000

Standard Mileage Rates

Business 58¢ per mile 54.5¢ per mile
Charitable 14¢ per mile 14¢ per mile
Medical and Moving 20¢ per mile 18¢ per mile

12/18/18

 

2017

2016

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 5,500 $ 5,500
Section 401(k) plans 18,000 18,000
Section 415 limit for:
Defined contributions plans 54,000 53,000
Over age 50 additional contributions:
401(k) type plans 6,000 6,000
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return 99,000 98,000
Single or Head of Household 62,000 61,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 16,920 15,720
Months of the year prior to full retirement age 3,740/mo. 3,490/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 127,200 118,500
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) No limit 118,500

Health Savings Accounts

Individual 3,400 3,350
Family 6,750  6,750
Catch-Up (55 or older) 1,000  1,000

Section 179 Expense

Maximum expense election 500,000  500,000
Phaseout threshold 2,000,000  2,000,000

Estate Taxes

Estate tax exemption 5,490,000  5,450,000
Top estate tax rate 40%  40%

Gift Taxes

Lifetime gift tax exemption 5,490,000  5,450,000
Annual gift tax exemption
Gifts per person 14,000 14,000
Joint gifts by spouse 28,000  28,000

Standard Mileage Rates

Business 53.5¢ per mile  54¢ per mile
Charitable 14¢ per mile  14¢ per mile
Medical and Moving 17¢ per mile  19¢ per mile

1/25/17

 





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100 W. Liberty St., Suite 1100
Reno, NV 89501

T: (775) 786-6141
F: (775) 323-6211
E: information@bvcocpas.com
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