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Important Tax Information
Click on any heading to see details
Social Security Wage Base
| 2010 = |
$106,800 |
| 2009 = |
$106,800 |
| 2008 = |
$102,000 |
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Maximum Retirement Contributions
| 401(K) |
| 2010 = |
$16,500, add'l $5,000 if over age 50 |
| 2009 = |
$16,500, add'l $5,500 if over age 50 |
| 2008 = |
$15,500, add'l $5,000 if over age 50 |
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| Simple |
| 2010 = |
$11,500, add'l $2,500 if over age 50 |
| 2009 = |
$11,500, add'l $2,500 if over age 50 |
| 2008 = |
$10,500, add'l $2,500 if over age 50 |
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| IRA |
| 2010 = |
$5,000, add'l $1,000 if over age 50 |
| 2009 = |
$5,000, add'l $1,000 if over age 50 |
| 2008 = |
$5,000, add'l $1,000 if over age 50 |
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| Roth IRA |
| 2010 = |
$5,000, add'l $1,000 if over age 50 |
| 2009 = |
$5,000, add'l $1,000 if over age 50 |
| 2008 = |
$5,000, add'l $1,000 if over age 50 |
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| SEP |
| 2010 = |
lesser of $49,000 or 25% of employee's compensation |
| 2009 = |
lesser of $49,000 or 25% of employee's compensation |
| 2008 = |
lesser of $46,000 or 25% of employee's compensation |
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Defined Contribution Plan
Defined contribution plan's annual contributions and other additions (excluding earnings) to the account of a participant cannot exceed:
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| 2010 = |
lesser of $49,000 or 25% of employee's compensation |
| 2009 = |
lesser of $49,000 or 25% of employee's compensation |
| 2008 = |
lesser of $46,000 or 25% of employee's compensation |
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Defined Benefit Plan
The annual benefit for a participant under a defined benefit plan cannot exceed:
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| 2010 = |
$195,000 |
| 2009 = |
$195,000 |
| 2008 = |
$185,000 |
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Auto Standard Mileage Allowances
| Business |
| 2010 = |
50.0 cents |
| 2009 = |
55.0 cents |
| 2008 = |
58.5 cents (Jul-Dec) |
| 2008 = |
50.5 cents (Jan-Jun) |
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| Medical or Moving |
| 2010 = |
16.5 cents |
| 2009 = |
24 cents |
| 2008 = |
27 cents (Jul-Dec) |
| 2008 = |
19 cents (Jan-Jun) |
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| Charitable |
| 2010 = |
14 cents |
| 2009 = |
14 cents |
| 2008 = |
14 cents |
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Section 179
Maximum
Depreciation
Deduction: |
| 2010 = |
$135,000 (tentative) |
| 2009 = |
$250,000 |
| 2008 = |
$250,000 |
| 2007 = |
$125,000 |
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Health Savings Account (HSA) Contributions
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Minimum
Deductible |
Maximum
Out-Of-
Pocket |
Contribution
Limit |
55+
Contribution
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| 2010 |
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| Individual |
$1,200 |
$5,950 |
$3,050 |
$1,000 |
| Family |
$2,400 |
$11,900 |
$6,150 |
$1,000 |
| 2009 |
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| Individual |
$1,150 |
$5,800 |
$3,000 |
$1,000 |
| Family |
$2,300 |
$11,600 |
$5,950 |
$1,000 |
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What is HSA?
A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses.
- Tax-deductible
Contributions
to the HSA are 100% deductible (up to the leagal limit) — just like and IRA.
- Tax free
Withdrawals to pay qualified medical expenses are never taxed.
- Tax-deferred
Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.
- HSA money is yours to keep
Unlike a Flexible Spending Account, unused money in your HSA isn't forfeited at the end of the year; it continues to grow, tas deferred.
Go to http://www.irs.gov/publications/p969/ar02.html#en_US_publink100038736 for additional information on an HSA. |
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Any U.S. tax advice contained in the body of this web site was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.
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Joni L. Craft, P.A.
6240 Highway 65 NE
Suite 201
Fridley, MN 55432
Rochester Office
1903 South Broadway
Lower Level, Suite 5
Rochester, MN 55902
Fridley
Phone (763) 571-8122
Fax (763) 571-8429
Rochester
Phone (507) 282-8122
Fridley Location
Monday - Friday 9am to 5pm
Rochester Location
Thursday - Friday 9am to 5pm
Evening and Saturday appointments available during tax season at both locations.
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