|
 |
|
TurboTax Business
+ QuickBooks
+ Help to Set-up
=
Save Money
Year after Year |
|
|
|
 QuickBooks
Checks
High
Quality
Security Features
Low Price
Fast Delivery |
|
|
$44.95 for 250
$59.95 for 500
$86.95 for 1000
Plus savings on
deposit slips, envelopes and more! |
|
Payroll tax Social Security Fica and Futa Limit
|
|
Quicken
Deluxe
2008
|
Buy
Now
$47.99
|
|
Personal Finance made easy
Pay bills with checks or
online, create family budgets, download bank transactions,
track tax data, monitor net worth and asset allocation, plan
for retirement, college or new home, find hidden tax
deductions
|
|
Quicken
Premier
2008 |
Buy
Now
$$71.99
(after rebate) |
|
Same great features as
Quicken Deluxe Plus
Analyze investments;
Investment tutorials; Tools to minimize capital gains tax;
Morningstar ratings on your funds; Generate schedule A, B, D
tax reports.
|
|
Quicken
2008
Home & Business
for Schedule C filers |
Buy
Now
$79.99
|
|
Same great features as
Quicken Deluxe and Quicken Premier Plus
Create & customize
estimates & invoices; generate business reports; track
mileage; track multiple jobs per customer; accounts receivable
reports; track accounts payable; guidance for starting &
running a business.
|
Best Sellers!
$11.87
$11.87
Hidden Financial Risk
Understanding
Off-Balance Sheet Accounting
$27.17
Explains methods by debt is hidden and the failure by
management and auditors and investors to detect and eliminate
these tools of deception Best
Sellers!
$11.87
|
FICA Tax (941
Tax)
limit - Fica Limit
|
|
Social Security tax includes FICA
6.2% and Medicare 1.45%. The FICA tax limit (Social Security)
changes annually. The Medicare tax has no limit. Employer FICA
tax and Employee FICA have the same limits. Both FICA tax rate
(6.2%) and Medicare tax rate (1.45%) as a rule do not change.
In addition to FICA tax limit and Social Security Limit, other tax
limits and tax rate (s) can be found on this webpage. |
|
2005
Social security Wage Base
limit
2005 Medicare Wage Base limit
2006
Social security Wage Base
limit
top |
$ 90,000 Unlimited
$ 94,200 |
|
|
|
|
FUTA Tax (940)
limit |
|
2005 Federal Unemployment
limit |
$ 7,000 |
|
Shortcuts, tips, resources for payroll taxes and human
resources |
|
QuickBooks
Payroll
top |
|
|
|
|
For deducting or reimbursing
2005 business mileage on a
personally owned vehicle
New 4 Month End of Year Rates |
2005 Mileage- Business rate
From Sept 1 - Dec 31 2005 Business Rate |
|
.405 cents per mile
(2005)
.485 cents per mile (2005) |
2005 Mileage -Charity rate
From Sept 1 - Dec 31 2005 Charity Rate |
|
.14 cents per mile (2005)
.14 cents per mile (2005) |
2005 Milage -Medical and moving
rate
From Sept 1- Dec 31, 2005 Med Mileage rate |
|
.15 cents per mile (2005)
.22 cents per mile (2005) |
|
Payroll tax rules
Part A and
Part B for
employees or owners using a company vehicle |
2006 Mileage Rate
|
|
For deducting or reimbursing
2006 business mileage on a
personally owned vehicle |
2006 Mileage- Business rate
2006 Mileage -Charity rate
2006 Milage -Medical and moving
rate |
|
.445 cents per mile(2006)
.14 cents per mile (2006)
.18 cents per mile (2006) |
|
2003
rates and limits - Social Security, Mileage, Pension, 401K, IRA
top |
2005 Maximum contributions and limits to pensions, IRA,
and 401 K
|
|
2005 Maximum employee
401K contribution limit |
2005 $14,000 +$4,000
(over age 50)
2006 $15,000 +$5,000 (over age 50) |
|
2005 Catch up contribution
Limit
(over age 50) |
$ 3,000
(included in above)
|
|
2005
Employer
contribution to 401K is limited
2005 total
additions (employer contribution plus employee contribution)
cannot exceed lesser of :
top |
Up
to 25% of compensation
Under age 50:
$42,000 or 100 % of compensation.
(2006 $44,000)
Age 50 +:
$45,000 or 100 % of compensation |
|
2005 Maximum Annual
Compensation limits for determining benefits or contributions
under a qualified plan
(401(a)(17), 404(l), 408(k)(3)(C), &
408(k)(6)(D)
Note: for 2005 definition of a key employee
in a top-heavy plan is
increased from $130,000 to
$135,000
top |
$ 210,000 (2005)
$ 220,000 (2006)
|
|
2005 Maximum Annual Defined Contribution-
Employer Contributions for 2005 to an employee SEP-IRA cannot
exceed
the lesser of the following amounts:
2005 Simplified Employee Pension
Employers contribution for employees is based on the plan
document, which cannot be more restrictive than including all
employees who performed services for the employer in the last 3 of 5
years with earnings greater than:
Employees covered under collective bargaining employees & certain
nonresident aliens may also be exclude.
Special rules apply to the self-employed. See publication 560 (www.irs.gov)
for a worksheet on how to calculate a 2005 SEP contribution for a
self employed Schedule C Filer. For the 2003 worksheet,
click
here.
Learn more- The ABCs of SEP Plans
Checklist- are you in compliance with IRS SEP rules and regs?
Pdf
top |
25% of the employee's W2 compensation (up to $205,000)
or
$ 42,000 (2005)
$ 44,000 (2006)
$450 for 2005 and
2006
|
|
2005 Simple
Retirement Account (Simple IRA)
Maximum Pretax Employee contribution
Learn more- The ABCs of Simple Plans
Checklist- are you in compliance with IRS Simple rules and regs?
Pdf |
$ 10,000 (2005 &
2006)
+ over age 50 catch up
The employer contributes up to 3% of W2 wages
which is in addition to the Employee deferral max above (Maximum ER
contribution is $10,000) |
| 2005 Simple Catch up
Deferral (over age 50)
top |
$
2,000
(2006 $2,500) |
|
2005 Limit to
Traditional IRA, nondeductible IRA, or Roth IRA.
Who can contribute |
$ 4,000 +
over age 50 catch up
|
|
IRA Catch up Deferral
(over age 50) |
$ 500 |
|
Learn about small business pensions
2006 pension plan limits
top |
|
|
2005 Maximum Earnings for Retirees
|
|
2005
Maximum retirement earnings
before
Social Security benefits are reduced
(One dollar in benefits will be withheld for every $2 in earnings
above the limit).
|
over
age 65
2005 under age 65 reduction begins
2006 under age 65 reduction begins
top |
unlimited earnings permitted - no reduction
earnings over $ 12,000 ($1000/mo)
earnings over $ 12,480 ($1040/mo)
|
|
In the year the individual reaches full
retirement age, earnings months prior to attaining full
retirement age - One dollar in benefits will be withheld for every
$3 in earnings above the limit of $31,800 (2005)
$33,240 (2006) |
|
|
Minimum Wage hourly rates
|
|
|
Link to a chart of all States Minimum Wage rates |
|
|
Federal
minimum wage
top |
|
|
|
|
Individual Rates
original
2005 source
original 2006 source
-
$ 5,000 2005 Standard
deduction for Single (2006
$5,100)
-
$ 5,000 2005 Standard
deduction for Married filing separately
-
$ 7,300 2005 Standard
deduction for Head of household
2006 (7,550)
-
$10,000 2005 Standard
deduction for Married filing Joint
(2006 $10,300)
-
800
2005 Taxpayer claimed as a dependent
Exemption amount $3,200
(2006 $3300)
Deduction for personal exemption phase out begins
Single $145,950-$268,450
(2006 $150,500-273,000)
Married $218,950-$341,450
(2006 $225,750-348,250)
HOH $182,450-$304,950
(2006 $188,150-310,650)
Deduction for itemized deductions phase out
begins when
AGI Threshold
Married, Single, HOH $145,950
(2006
$150,500)
Married Filing Separate $72,975
(2006 $75,250) |
|
|
|
2005 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
|
Single |
7,300
|
next 22,400
to 29,700 |
next
42,250
to 71,950 |
next
78,200
to 150,150 |
next
176,300
to 326,450 |
amounts over
326,450 |
|
Head Of Household |
10,450
|
next 29,350
to 39,800 |
next
63,000
to 102,800 |
next
63,650
to 166,450 |
next
160,000
to 326,450 |
amounts over
326,450 |
|
Married Joint |
14,600
|
next 44,800
to 59,400
|
next
60,550
to 119,950 |
next
62,850
to 182,800 |
next
143,650
to 326,450 |
amounts over
326,450 |
Click here to download IRS Publication 505 containing
these rates
For tax forms and extensions to file individual tax returns click
here
2006 Tax Changes
|
2006 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
|
Single |
7,550
|
next 23,100
to 30,650 |
next
43,550
to 74,200 |
next
80,600
to 154,800 |
next
181,750
to 336,550 |
amounts over
336,550 |
|
Head Of Household |
10,750
|
next 30,300
to 41,050 |
next
64,950
to 106,000 |
next
65,650
to 171,650 |
next
164,900 to 336,550 |
amounts over
336,550 |
|
Married Joint |
15,100
|
next 46,200
to 61,300
|
next
62,400
to 123,700 |
next
64,750
to 188,450 |
next
148,100
to 336,550 |
amounts over
336,550 |
Top |
|
Click here for:
2005 Corporate Rates
|
|
|
top |
|
|
When tax breaks expire |
|
2004 Deduction for
educator expenses- deduction has been extended
for 2004
2005 Child care credit reduce to $700 from $1000
2005 Married couple standard deduction reverts from twice that
of single to 174% of single
2005 10% bracket is reduced
|
|
|
|
|
|
2005 Gift Tax
|
|
2005 Federal gift tax exclusion- click on annual exclusion
Changes in 2005 gift & estate tax regs
2005 Estate Tax Applicable Exclusion Amount
2006-2008 Estate Tax Applicable Exclusion Amount
top |
$ 11,000
(12,000 in 2006)
$1,500,000
$2,000,000 |
|
Self Employed Health Insurance Deduction
|
|
Deductible Percentage
for
2005 health insurance premiums
100%
(2002=70%
2003=100% 2004=100%)
top |
|
Health Savings Accounts (HSA)
|
|
High Deductible Health Plan and Contribution Limits
| |
Maximum
Annual Deductible |
Annual out-of- pocket does not exceed |
|
2005 Self -only coverage annual deductible |
$1,000-$2,650
(2006
$1,050- $2,700) |
$5,100
2006 $5,250 |
|
2005 Family coverage annual deductible |
$2,000-$5,250
(2006 $2,100-$5,450) |
$10,200
2006 $10,500 |
|
Monthly Limit on deductions
is 1/12 of the lesser of the annual deductible or the maximum
annual deductible (2,650 Self or $5,250 Family) |
|
|
|
Learn more about Health Savings Accounts and administrative
requirements |
|
|
|
|
2005
Section 179 depreciation $105,000
see more
(2006 section 179
limit $108,000)
The amount of investment qualifying for this
immediate deduction begins to phase out for small businesses with
investment in excess of $420,000
(2006 $430,000)
Regs now permit Section 179 on off-the-shelf
software
Leasehold property placed in service
before 1/1/2006 - 15 year SL
(subsequent owners of the leasehold property required to depreciate
over 39 Years)
Elect to deduct $5000 start-up & $5000
organizational expenses in the year the business begins.
Effective for expenses incurred after 10/22/04. Be sure to read more
on the details of this rule.
Deductions reduced by the amount of which
the cumulative cost of start-up or organizational expenditures
exceed $50,000 respectively
|
2004 Luxury Auto depreciation rules: |
|
|
|
A car is
defined as a four-wheel passenger automobile designed for use
on public roads and is rated at 6,000 pounds or less
unloaded gross vehicle weight |
1st year depreciation limit |
$2,960 including any Sec 179 deduction Plus:
for new vehicles bought in 2004 - additional 50%
1st-year bonus depreciation. The first-year depreciation
amount for passenger automobiles, light trucks, and vans
increases by $7,650.
Total 1st year $10610
|
|
Special use vehicles (over 6000lbs loaded) now
exempt from luxury auto rules and can be deducted under section 179
|
SUVs (over 6000lbs)
Heavy Trucks & Vans
read more |
$25,000 including any sec 179 deduction
$102,000 including any sec 179 deduction |
Publication 946 has a nice table fo |
