Changes for 2018
Auto Mileage Rates
54.5 cents per mile for business
18.0 cents per mile for medical or moving
14.0 cents per mile for charitable
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.