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Please check here often to view recent changes in the U.S. Tax Laws.
Updated: December 16, 2010
2012
2012 Retirement Contribution Limits:
| IRA | $5,000 |
| IRA catch-up | $1,000 |
| 401(k)/403(b) | $17,000 |
| 401(k)/403(b) catch-up | $5,500 |
| SIMPLE | $11,500 |
| SIMPLE catch-up | $2,500 |
| SEP IRA | $50,000 |
| SEP IRA catch-up | $5,500 |
| The catch-up is for those that are 50 years old or older before the close of the tax year. |
|
2012 Estate Tax Limits:
| Annual gift tax exclusion | $13,000 |
| Estate tax exemption | $5,000,000 |
2012 Mileage rates
Business: 55.5 cents/mile Medical/moving: 23 cents/mile Charitable: 14 cents/mile
DISCLAIMER:
Pursuant to recently-enacted U.S. Treasury Department Regulations, I am now required to
advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
