Weismann & Company, P.C.
© 2012 Weismann & Company
(972) 404-0608
13601 Preston Rd
Suite 106W
Dallas, TX 75240
Changes for 2018


Auto Mileage Rates

For 2018:
54.5 cents per mile for business
18.0 cents per mile for medical or moving
14.0 cents per mile for charitable

Social Security

For 2018 social security taxable wage limit increases to $128,400.

Annual Gift Tax Exemption

For 2018 the annual gift exemption is $15,000 per individual.

Federal Estate Tax

For 2018 the estate tax exemption is $11,200,000 per person.

Business Asset Expensing

For 2018 through 2022 short-lived capital investments in machinery and equipment may be fully expensed as soon as they are placed in service. This applies to both new and used items.

Retirement Plan Contributions for 2018

Traditional IRA $5,500 ( $6,500 if 50 or older)
Roth IRA $5,500 ( $6,500 if 50 or older)
SEP Plans lesser of 25% of compensation or $55,000

Overview of 2018 Tax Changes

We will be uploading memos covering the major changes as we learn the new law.