Tax Tidbits
FACTOIDS FOR 2011 AND 2012 INCLUDING MILEAGE RATES, IRA LIMITS, QUAL PLAN LIMITS, ESTATE TAX AND GIFTING LIMITS.
STANDARD MILEAGE RATES
For 2011, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) was:
- 51 cents per mile for business miles driven through 6/30/2011
- 55.5 cents per mile for business miles driven after 6/30/2011
- 19 cents per mile driven for medical/moving purposes through 6/30/2011
- 23.5 cents per mile driven for medical/moving purposes after 6/30/2011
- 14 cents per mile driven in service of charitable
For 2012, the standard mileage rates are:
- 55.5 cents per mile for business miles driven
- 23 cents per mile driven for medical/ moving purposes (down a tad from last year)
- 14 cents per mile driven in service of charitable organizations (14 cents in 2009) organizations - it takes an act of Congress to change charitable mileage…so we are pretty sure this won’t change anytime soon
TRADITIONAL AND ROTH IRA CONTRIBUTION LIMITS—FUND BY APRIL 15, 2012!!
| Tax Year | Under age 50 |
Age 50 or older |
2011 |
$5,000 |
$6,000 |
2012 |
$5,000 |
$6,000 |
THERE ARE SOME IMPORTANT RESTRICTIONS – GIVE US A CALL BEFORE FUNDING
FROM SOCIAL SECURITY ADMINISTRATION: http://www.ssa.gov/pressoffice/colafacts.htm
Retirement Earnings Test Exempt Amounts: |
2011 |
2012 |
Under full retirement age |
$14,160/yr. |
$14,640 |
There is no limit on earnings beginning the month an individual attains full retirement age. See http://www.socialsecurity.gov/retire2/agereduction.htm
Remember – it is NOT 65 for everyone!!
Maximum Earnings Taxable: |
2012 |
2011 |
Social Security (OASDI only) |
$110,100 |
$106,800 |
NEWS ON THE ESTATE FRONT
| Estate Planning | 2012 |
2011 |
Estate Tax Exclusion |
$5 million |
$5 million |
Gift Tax Exclusion |
$1 million |
$1 million |
Annual Gifting – to anyone |
$13,000 |
$13,000 |
STAY TUNED – 2013 IS A BIG QUESTION MARK…AGAIN…SEE OUR BLOG “THE DAILY DOLLAR”
QUALIFIED PLAN LIMITS
|
2011 |
2012 |
Elective Deferrals |
$16,500 |
$17,000 |
Catch-Up Contributions |
$5,500 |
$5,500 |
Defined Benefit Plan Annual Benefit Limit |
$195,000 |
$200,000 |
Defined Contribution 415 limit (eg 401k, SEP) |
$49,000 |
$50,000 |
For more information you can visit the following sites:
