Changes for 2019
Auto Mileage Rates
58.0 cents per mile for business
20.0 cents per mile for medical or moving
14.0 cents per mile for charitable
For 2019 social security taxable wage limit increases to $132,900.
Annual Gift Tax Exemption
For 2019 the annual gift exemption is $15,000 per individual.
Federal Estate Tax
For 2019 the estate tax exemption is $11,400,000 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 2019
Traditional IRA $6,000 ( $7,000 if 50 or older)
Roth IRA $6,000 ( $7,000 if 50 or older)
SEP Plans lesser of 25% of compensation or $56,000