On this page you'll find helpful reference numbers such as rates, limits, and phase-outs. There are also rules and regulations about various tax subjects for you to review. If you have any questions about these numbers, please don't hesitate to contact us. Thanks!
Mileage Rates
| Standard Mileage Rate | Charitable Mileage Rate | Medical Mileage Rate | |
| 2010 | $0.50 / mile | $0.14/mile | $0.16.5/mile |
| 2011 (January - June) | $0.51 / mile | $0.14/mile | $0.19/mile |
| 2011 (June - December) | $0.555 / mile | $0.140/mile | $0.235/mile |
Retirement Plan Contribution Limits
| Plan Type | 2011 | 2012 |
| IRA (Age 49 & Below) | $5,000 | $5,000 |
| Catch-up for IRA (Over 50) | $1,000 | $1,000 |
| Defined Contribution Plans | $49,000 | $50,000 |
| 401(k), 403(b), & SAR-SEP | $16,500 | $17,000 |
| Catch-up for401(k), 403(b), & SAR-SEP (Over 50) | $5,500 | $5,500 |
| Simple Plan | $11,500 | $11,500 |
| Catch-up for Simple Plan (Over 50) | $2,500 | $2,500 |
| Max Compensation for Determining Contributions | $245,000 | $250,000 |
| Compensation limit for SEP participant exclusion | $550 | $550 |
| Social Security Taxable Wage Base | $106,800 | $110,100 |
2011 Personal Income Tax Rates
| Marginal Tax Rate |
Single |
Married Filing Jointly or Qualified Widow(er) |
Head of Household |
|---|---|---|---|
| 10% | $0 – $8,500 | $0 – $17,000 | $0 – $12,150 |
| 15% | $8,501– $34,500 | $17,001 – $69,000 | $12,151 – $46,250 |
| 25% | $34,501 – $83,600 | $69,001 – $139,350 | $46,251 – $119,400 |
| 28% | $83,601 – $174,400 | $139,351 – $212,300 | $119,401 – $193,350 |
| 33% | $174,401 – $379,150 | $212,301 – $379,150 | $193,351 - $379,150 |
| 35% | $379,151+ | $379,151+ | $379,151+ |
2011 Corporate Tax Rates
|
Marginal Tax Rate |
Taxable Income |
| 15% | $0 - $50,000 |
| 25% | $50,000 - $75,000 |
| 34% | $75,000 - $100,000 |
| 39% | $100,000 - $335,000 |
| 34% | $335,000 - $10,000,000 |
| 35% | $10,000,000 - $15,000,000 |
| 38% | $15,000,000 - $18,333,333 |
| 35% | $18,333,334+ |
2011 Estates and Trusts
2011 Rules specify a $5 million exemption per individual (transferable to spouse) and include stepped up basis.
|
Marginal Tax Rate* |
Taxable Income |
| 15% | $0 - $2,300 |
| 25% | $2,300 - $5,450 |
| 28% | $5,450 - $8,300 |
| 33% | $8,300 - $11,350 |
| 35% | Over $11,350 |
Miscellaneous Tax Limitations
| 2011 | 2012 | |
| Estate Tax Exemption Amount | $5 Million per individual | $5.12 Million per Individual |
| Gift Tax Exclusion (Per Person) | $13,000 | $13,000 |
| Section 179 Limit | $500,000 | $125,000 |
| Section 179 Phase-out (Property Placed in Service) | $2,000,000 | $500,000 |
| SUV Section 179 Limitation | $25,000 | $25,000 |
| HSA Contribution Limit (Individual) | $3,050 | $3,100 |
| HSA Contribution Limit (Family) | $6,150 | $6,250 |
| Dependents Required to File If Earned Income Exceeds | $5,800 | to be announced |
| OR Unearned Income Exceeds | $950 | to be announced |
IRA Required Minimum Distributions (RMD)
Calculate by dividing the value of the IRA by the distribution period corresponding with your age. For example if you were 70 1/2 and your IRA was worth $100,000 your RMD would be $3,650 ($100,000 / 27.4). Note: If your spouse is the sole beneficiary of the IRA and is more than 10 year younger than you, you must use a different chart.
|
Age of retiree
|
Distribution period (in years)
|
Age of retiree
|
Distribution period (in years)
|
|
70
|
27.4
|
93
|
9.6
|
|
71
|
26.5
|
94
|
9.1
|
|
72
|
25.6
|
95
|
8.6
|
|
73
|
24.7
|
96
|
8.1
|
|
74
|
23.8
|
97
|
7.6
|
|
75
|
22.9
|
98
|
7.1
|
|
76
|
22.0
|
99
|
6.7
|
|
77
|
21.2
|
100
|
6.3
|
|
78
|
20.3
|
101
|
5.9
|
|
79
|
19.5
|
102
|
5.5
|
|
80
|
18.7
|
103
|
5.2
|
|
81
|
17.9
|
104
|
4.9
|
|
82
|
17.1
|
105
|
4.5
|
|
83
|
16.3
|
106
|
4.2
|
|
84
|
15.5
|
107
|
3.9
|
|
85
|
14.8
|
108
|
3.7
|
|
86
|
14.1
|
109
|
3.4
|
|
87
|
13.4
|
110
|
3.1
|
|
88
|
12.7
|
111
|
2.9
|
|
89
|
12.0
|
112
|
2.6
|
|
90
|
11.4
|
113
|
2.4
|
|
91
|
10.8
|
114
|
2.1
|
|
92
|
10.2
|
115 or older
|
1.9
|
2011 vs. 2012 Roth IRA Contribution Limits and Income Ranges
| Filing Status | Modified AGI in 2011 | Modified AGI in 2012 | Contribution Limits |
| Married Filing Jointly | < $169,000 | < $173,000 | $5,000 or $6,000 with catch-up |
| $169,000 - $179,000 | $173,000 - $183,000 | Reduced by phaseout | |
| $179,000 or more | $183,000 or more | You cannot contribute | |
| Married Filing Separately | 0 | 0 | $5,000 or $6,000 with catch-up |
| 0 - $10,000 | 0 - $10,000 | Reduced by phaseout | |
| $10,000 or more | $10,000 or more | You cannot contribute | |
| Single or Head of Household | < $107,000 | < $110,000 | $5,000 or $6,000 with catch-up |
| $107,000 - $122,000 | $110,000 - $125,000 | Reduced by phaseout | |
| $122,000 or more | $125,000 or more | You cannot contribute |
Tax Benefits of Charitable Contributions
You may know that you can make deductible contributions to charity but you may not know that some of these charitable contributions such as to educational entities in Idaho qualify for an additional 50% Idaho credit worth up to $1,000 for individuals and $5,000 for corporations! The following chart shows some of the potential benefits.
| Single | Married Filing Jointly | Corporation | |
| Gift | $1,000 | $2,000 | $10,000 |
| Federal Deduction | 280 | 560 | 3,500 |
| State Deduction | 78 | 156 | 760 |
| State Tax Credit | 500 | 1,000 | 5,000 |
| Total Cost of Gift | 142 | 284 | 740 |
