(775) 786-6141
Tax Guide

2021

2020

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 6,000
Section 401(k) plans 19,500 19,500
Section 415 limit for:
Defined contributions plans 58,000 57,000
Over age 50 additional contributions:
401(k) type plans 6,500 6,500
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return 105,000 104,000
Single or Head of Household 66,000 65,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 18,960 18,240
Months of the year prior to full retirement age 4,210/mo. 4,050/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 142,800 137,700
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 3,600 3,550
Family 7,200 7,100
Catch-Up (55 or older) 1,000 1,000

Section 179 Expense

Maximum expense election 1,050,000 1,040,000
Phaseout threshold 2,620,000 2,590,000

Estate Taxes

Estate tax exemption 11,700,000 11,580,000
Top estate tax rate 40% 40%

Gift Taxes

Lifetime gift tax exemption 11,700,000 11,580,000
Annual gift tax exemption
Gifts per person 15,000 15,000
Joint gifts with spouse 30,000 30,000

Standard Mileage Rates

Business 56¢ per mile 57.5¢ per mile
Charitable 14¢ per mile 14¢ per mile
Medical and Moving 16¢ per mile 17¢ per mile

1/13/2021

2019

2018

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 5,500
Section 401(k) plans 19,000 18,000
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 by 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

1/25/19





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Barnard Vogler & Co.
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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