|
|
2017 |
2016 |
|
|
|
|
Business Standard Milage Rate |
|
$0.535 per mile |
$0.54 per mile |
Maximum Wages Subject to Social Security |
|
$127,200 |
$118,500 |
Estate Tax Exemption |
|
$5,490,000 |
$5,450,000 |
Gift Tax Exclusion |
|
$14,000 |
$14,000 |
Equipment Expensing Deduction |
|
$500,000 |
$500,000 |
|
|
|
|
Maximum Retirement Plan Contributions |
|
|
|
IRA for Those Under 50 |
|
$5,500 |
$5,500 |
IRA for Those Over 50 |
|
$6,500 |
$6,500 |
SIMPLE Plan for those Under 50 |
|
$12,500 |
$12,500 |
SIMPLE Plan for those Over 50 |
|
$15,500 |
$15,500 |
401K Plan for those Under 50 |
|
$18,000 |
$18,000 |
401K Plan for those Over 50 |
|
$24,000 |
$24,000 |
|
|
|
|
Standard Deduction |
|
|
|
Single |
|
$6,350 |
$6,300 |
Join Returns |
|
$12,700 |
$12,600 |
Married Filing Separate |
|
$6,350 |
$6,300 |
Head of Household |
|
$9,350 |
$9,300 |
Personal Exemption |
|
$4,050 |
$4,050 |