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Free:
2009 tax calendar
(download pdf file) |
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Payroll tax Social Security Fica and Futa Limit
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Quicken
Deluxe |
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track tax data, monitor net worth and asset allocation, plan
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Quicken
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Same great features as
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Analyze investments;
Investment tutorials; Tools to minimize capital gains tax;
Morningstar ratings on your funds; Generate schedule A, B, D
tax reports.
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Quicken
Premier
Home & Business
for Schedule C filers |
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Home & Business
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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.
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Take control of your
finances!
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2008 & 2009 FICA Tax (941
Tax)
limit - Fica Limit
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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. |
|
2008 Medicare Wage Base limit
2008
Social Security Wage Base
limit
2009
Social Security Wage Base
limit
top |
Unlimited
$102,000 2008
$106,800 2009
Wow...in 2002 the limit was $87,000! That is $1,514
more in tax that the employee must pay and $1,514 more in tax paid
by the employer! |
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FUTA Tax (940)
limit |
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2008 Federal Unemployment
limit |
$ 7,000 |
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Shortcuts, tips, resources for payroll taxes and human
resources |
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QuickBooks
Payroll
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Take control of your
finances!
CD or
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Click on the Price
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TurboTax
Basic for
2008 1040 |
TurboTax
Deluxe
2008 1040 |
TurboTax
Premier for
2008 1040
|
TurboTax
Home &
Business 2008 |
|
Federal & State
Download Turbotax |
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Best Buy! |
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Federal & State CD ROM |
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Best Buy! |
Best Buy! |
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Federal only CD ROM |
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State can be purchased &
downloaded separately from within the Turbotax software at anytime |
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For deducting or reimbursing
2008 business mileage
(Jan 1st - June 30th) on a
vehicle
For deducting or reimbursing
2008 business mileage
(July1st - December 31st) on a
vehicle
For deducting or reimbursing
2009 business mileage on a vehicle
Interesting article on what auto expense is deductible |
2008 Mileage- Business rate
2009 Mileage- Business rate |
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$ .505 per mile (50.5 cents)
Jan-June 2008
$ .585 per mile (58.5 cents)
July-Dec 2008
$ .55 per mile (55
cents) |
2008 Mileage -Charity rate
2009 Mileage- Charity rate |
|
$
.14 per mile (14 cents)
(2008)
$
.14 per mile (14 cents)
(2009)
|
| 2008 Milage -Medical and Moving
Rate 2009 Milage -Medical and Moving
Rate |
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$ .19 per mile (19 cents)
Jan-June 2008
$ .27 per mile
(27 cents)
July-Dec 2008
$ .24 per mile
(24
cents) |
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Payroll tax rules
Part A and
Part B for
employees or owners using a company vehicle |
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Need prior year rates? Click below
2007
rates and limits - Social Security, Mileage, Pension, 401K, IRA
2006
rates and limits - Social Security, Mileage, Pension, 401K, IRA
2005 rates and limits - Social Security, Mileage, Pension, 401K, IRA
2004
rates and limits - Social Security, Mileage, Pension, 401K, IRA
2003
rates and limits - Social Security, Mileage, Pension, 401K, IRA
top |
2008 Maximum contributions and limits to pensions, IRA,
and 401 K
Click here for official source for:
2008 limitations
|
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Choosing a retirement plan |
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2008 Maximum employee
401K contribution limit
|
2008 $15,500 +$5,000
(over age 50)
2009 $16,500 +$5,500
(over age 50) |
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2008 Catch up contribution
Limit
(over age 50)
2009 Catch up contribution
Limit
(over age 50) |
$ 5,000
(2008)
$ 5,500 (2009)
included in above
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2008
Employer
contribution to 401K is limited
2008 total
additions (employer contribution plus employee contribution)
cannot exceed lesser of :
top |
Up
to 25% of compensation
2008
$46,000 or 100 % of compensation.
2009
$49,000 or 100 % of compensation.
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2008 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
(2008)
definition of a key employee in a top heavy plan is $150,000
Note: for
(2009)
definition of a key employee in a top heavy plan is $160,000
top |
$ 230,000
(2008)
$ 245,000
(2009)
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2008 Maximum Annual Defined Contribution-
Employer Contributions for 2008 to an employee SEP-IRA cannot
exceed
the lesser of the following amounts:
2008 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 2008 SEP contribution for a
self employed Schedule C Filer. For the 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 $230,000 2008)
(up to $245,000 2009)
or
$ 46,000 (2008)
$ 49,000
(2009)
$500
2008
$550 2009
|
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|
2008 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 |
$ 10,500
(2008)
$ 11,500
(2009)
+ 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 $10,500 2008) |
|
| 2008 Simple Catch up
Deferral (over age 50)
top |
$
2,500 (2008 and
2009
)
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2008 Limit to
Traditional IRA, nondeductible IRA, or Roth IRA.
Who can contribute |
$ 5,000 +
over age 50 catch up
(2008 and
2009)
|
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 |
|
IRA Catch up Deferral
(over age 50) |
$
1000 in 2008 and 2009 |
|
Learn about small business pensions
Top |
|
How retirement income is taxed
(pdf) |
|
Top |
2008 Maximum Earnings for Retirees
|
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2008
Maximum retirement earnings
before
Social Security benefits are reduced
(One dollar in benefits will be withheld for every $2 in earnings
above the limit)
Retirement Age from 65 to 67 depending upon Year of Birth |
|
Normal Retirement Age Year of
birth Age
1937 and prior 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943-54 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67 |
Over
Retirement Age
Under Age:
2008 under full retirement age reduction begins
2009 under full retirement age reduction begins
The year an individual reaches retirement age:
2008 reduction begins
2009 reduction begins
Apples only to earnings for months prior to attaining full
retirement age. $1 in benefits will be withheld for ever $3 in
earnings above limit
top |
unlimited earnings permitted - no reduction
earnings over $ 13,560 ($1130/mo)
earnings over $ 14,160 ($1180/mo)
earnings over $36,120/yr (3010/mo)
earnings over $37,680/yr ($3140/mo) |
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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 $36,120 (2008) |
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Minimum Wage hourly rates
|
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Link to a chart of all States Minimum Wage rates |
|
Federal
minimum wage
Top |
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Individual Rates
original 2008 source
Original
2009 Source
$ 5,700 2009 Standard deduction for
Single
$ 5,450 2008 Standard
deduction for Married filing separately
$ 5,700 2009 Standard deduction for
Married filing separate
$
8,000 2008 Standard
deduction for Head of household
$ 8,350 2009 Standard
deduction for Head of household
$10,900 2008 Standard
deduction for Married filing Joint
$11,400 2009 Standard deduction for Married filing Joint
Exemption amount $3,500
(2009
$3,650)
Deduction for personal exemption phase out begins
Single $159,950-282,450
2009 $166,800-289,300
Married $239,950-$362,450
2009 $250,200-372,700
HOH $199,950-$322,450
2009 $208,500-331,000
Deduction for itemized deductions phase out
begins when
AGI Threshold
Married, Single, HOH $159,950
Married Filing Separate $79,975
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Click here to view IRS website containing these 2008 rates
For tax forms and extensions to file individual tax returns click
here
2008 Tax Rates
|
2008 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
|
Single |
8,025
|
next 24,52q
to 32,550 |
next
46,300 to 78.850 |
next
85,700
to 164,550 |
next 193,150
to 357,700 |
amounts over
357,700 |
|
Head Of Household |
11,450
|
next 32,200
to 43,650 |
next 69,000
to 112,650 |
next 69,750
to 182,400 |
next 175,300 to
357,700 |
amounts over
357,700 |
|
Married Joint |
16,050 |
next 49,050
to 65,100 |
next 66,350
to
131,450 |
next 68,850
to 200,300 |
next 157,400 to
357,700 |
amounts over
357,700 |
Click here to view IRS website containing these rates
For tax forms and extensions to file individual tax returns click
here
2009 Tax Rates
|
2009 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
|
Single |
8,350 |
next 25,600
to 33,950 |
next
48,300 to 82,250 |
next 89,300
to 171,550 |
next 201,400
to 372,950 |
amounts over
372,950 |
|
Head Of Household |
11,950 |
next 33,550
to 45,500 |
next 71,950
to 117,450 |
next 72,750
to 190,200 |
next 182,750 to
372,950 |
amounts over
372,950 |
|
Married Joint |
16,700 |
next 51,200
to 67,900 |
next 69,150
to 137,050 |
next 71,800
to 208,850 |
next 164,100 to 372,950 |
amounts over
372,950 |
Top |
Click here for:
2008 & 2009 Corporate Rates
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TurboTax Business
+ QuickBooks
+ Set-up Assistance
=
Save Money
Year after Year |
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top |
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Federal gift tax exclusion-
click on annual exclusion
2006-2008 Estate Tax Applicable Exclusion Amount
top |
$ 12,000 (2008)
$ 13,000 (2009)
$2,000,000
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Self Employed Health Insurance Deduction
|
|
Deductible Percentage
for
2008 & 2009 health insurance premiums
100%
top |
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Health Savings Accounts (HSA)
|
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High Deductible Health Plan and Contribution Limits
| |
Maximum HSA Contribution Limit |
Minimum
Policy Deductible |
Annual out-of- pocket does not exceed |
|
2008 Self -only coverage annual deductible |
$2,900 |
$1,100 |
$5,600 |
|
2008 Family coverage annual deductible |
$5,800 |
$2,200 |
$11,200 |
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Monthly Limit on deductions
is 1/12 maximum
annual contribution ($2,900 Self or $5,800 family)
Catch Up Contributions for individuals over 55 is $900
Source
|
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2009 limits |
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2009 Self -only coverage annual deductible |
$3,000
|
$1,150 |
$5,800 |
|
2009 Family coverage annual deductible |
$5,950 |
$2,300 |
$11,600 |
|
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Learn more about Health Savings Accounts and administrative
requirements |
|
Travel Reimbursement Rules for Lodging, Meals &
Incidental Expenses |
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See Revenue Ruling for details on flat rate
reimbursement plans Meals
while away on business
50% deductible
|
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2008
Section 179 depreciation
$250,000
The amount of investment qualifying for this
immediate deduction begins to phase out for small businesses with
investment in excess of $800,000
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
|
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 |
this site has not yet been updated |
|
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
$108,000 including any sec 179 deduction |
Publication 946 has a nice table for limits on
depreciation of vehicles
top
|
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3 years from tax period due
date or 3 years from date original return received whichever is
later
unless the taxpayer fails to include on a return any information
with respect to a
listed transaction
then the statute of limitations will not expire before 1 year after
the Secretary is furnished with the information.
See more-Statute of Limitations guidelines
see also
How long should you retain your receipts
and business documents |
|
Tax Tips from the IRS
|
|
|
Click to
view tax tips at
www.IRS.Gov |
|
|
IRS
Circular 230 Disclosure: To ensure compliance with
requirements imposed by the IRS, we inform you that, any U.S.
federal tax advice contained in this communication (including any
attachments) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding any tax related penalties that
may be imposed on you or any other person under the Internal Revenue
Code or (ii) promoting, marketing, or recommending to another party
any transaction or matter addressed in this communication |
