|
2011 Mileage Rates |
|
Business Mileage Rate |
51/55.5 cents/mile |
|
Charitable Mileage Rate |
14 cents/mile |
|
Moving/Medical Mileage Rate |
19/23.5 cents/mile |
|
|
|
|
2011 Depreciation Limits |
|
Section 179 Limit |
$500,000 |
|
Section 179 Phase-out |
$2,000,000 |
|
|
|
|
2011 Estate Planning Amounts |
|
Annual Gift Tax Exclusion |
$13,000 |
|
Applicable Estate Tax Exemption |
$5,000,000 |
|
|
|
|
2011 Retirement Contributions Limits |
|
IRA-Under Age 50 |
$5,000 |
|
IRA-Over Age 49 |
$6,000 |
|
Roth IRA-Under Age 50 |
$5,000 |
|
Roth IRA-Over Age 49 |
$6,000 |
|
Roth IRA Conversion Phase-out |
No Limit |
|
Simple-Under Age 50 |
$11,500 |
|
Simple-Over Age 49 |
$14,000 |
|
SEP-Under Age 50 |
$49,000 |
|
SEP-Over Age 49 (Catch Up Rule N/A for SEP) |
$49,000 |
|
401k deferral-Under Age 50 |
$16,500 |
|
401k deferral-Over Age 49 |
$22,000 |
|
403b deferral-Under Age 50 |
$16,500 |
|
403b deferral-Over Age 49 |
$22,000 |
|
Defined Contribution Plan |
$49,000 |
|
Defined Benefit Plan Limit |
$195,000 |
|
|
|
|
2011 Standard Deduction & Exemptions |
|
Married Filing Joint Return |
$11,600 |
|
Head of Household |
$8,500 |
|
Single |
$5,800 |
|
Married Filing Separate |
$5,800 |
|
Claimed as dependent by another |
$950 |
|
Over 65 and/or blind Married |
$1,150 |
|
Over 65 and/or blind Single |
$1,450 |
|
Itemized deduction phase-out begins |
No Phase Out |
|
|
|
|
Dependent Exemption |
$3,700 |
|
|
|
|
American Opportunity Tax Credit (Formerly HOPE Credit) |
$2,500 |
|
| 2011 Tax Rate Tables |
|
MFJ & Surviving Spouse |
|
Head of Household |
|
|
|
|
|
If taxable income is: |
The tax is: |
|
If taxable income is: |
The tax is: |
|
Not over $17,000 |
10% |
|
Not over $12,150 |
10% |
|
|
|
|
|
|
|
Over $17,000 |
15% |
|
Over $12,150 |
15% |
|
but not over $69,000 |
|
|
but not over $46,250 |
|
|
Over $69,000 |
25% |
|
Over $46,250 |
25% |
|
but not over $139,350 |
|
|
but not over $119,400 |
|
|
Over $139,350 |
28% |
|
Over $119,400 |
28% |
|
but not over $212,300 |
|
|
but not over $193,350 |
|
|
Over $212,300 |
33% |
|
Over $193,350 |
33% |
|
but not over $379,150 |
|
|
but not over $379,150 |
|
|
Over $379,150 |
35% |
|
Over $379,150 |
35% |
|
|
|
|
|
|
|
Married Filing Separate Returns |
|
Single |
|
|
|
|
|
If taxable income is: |
The tax is: |
|
If taxable income is: |
The tax is: |
|
Not over $8,700 |
10% |
|
Not over $8,700 |
10% |
|
|
|
|
|
|
|
Over $8,700 |
15% |
|
Over $8,700 |
15% |
|
but not over $34,500 |
|
|
but not over $34,500 |
|
|
Over $34,500 |
25% |
|
Over $34,500 |
25% |
|
but not over $69,675 |
|
|
but not over $83,600 |
|
|
Over $69,675 |
28% |
|
Over $83,600 |
28% |
|
but not over $106,150 |
|
|
but not over $174,400 |
|
|
Over $106,150 |
33% |
|
Over $174,400 |
33% |
|
but not over $189,575 |
|
|
but not over $379,150 |
|
|
Over $189,575 |
35% |
|
Over $379,150 |
35% |
|
|
|
|
|
|
|
| Common
Depreciation Lives-2011 In Service Date |
| |
|
3 Years |
10 Years |
|
Semi Tractors |
Single purpose agriculture building |
|
Race Horses |
|
|
Horses (over 12 years old) |
|
| |
|
15 Years |
|
5 Years |
Leasehold improvements |
|
Cars & Trucks |
Landscaping, parking lots |
|
|
Computers & Computer Perihperals |
Sidewalks |
|
|
Office Equipment |
|
Conveinence Stores |
|
Cattle |
|
Water Wells |
|
|
Appliances &
Furniture in Rental Property |
|
|
Gas Pump Canopies |
|
20 Years |
| |
|
Farm Buildings |
|
7 years |
|
|
|
Office Furniture |
|
27.5 Years |
|
Farm Equipment &
Grain Bins |
Residential rental other than motels |
|
Most other Tools &
Equipment |
|
|
Backhoe, Tractor, Grader |
39 Years |
|
Ag Fences |
Commercial buildings & motels |
| |
Horses (under 12 years old) |
|
|
Click the links below to view the tax rates.
These tables can be found at www.acctsite.com
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