(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 (if taxpayers are covered by a workplace retirement plan) 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
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 ( if taxpayers are covered by a workplace retirement plan) 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
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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