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| 6173 Burnham Road |
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Roanoke, Virginia 24018 |
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(540) 774-7400 |
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Charts
The following is presented as a General Guideline only. You should consult your tax advisor before using any of the following information.
CLICK HERE FOR ENERGY POLICY ACT OF 2005 - SUMMARY OF FEDERAL TAX CREDITS FOR HOMEOWNERS
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Contribution Limits for Traditional and Roth IRAs
Tax Year |
Standard Limit
Younger Than Age 50
|
Catch-Up Contribution
Age 50 or Older
|
Contribution Limit
Age 50 or Older
|
2005 |
$4,000 |
$500 |
$4,500 |
2006 |
$4,000 |
$1,000 |
$5,000 |
2007 |
$4,000 |
$1,000 |
$5,000 |
2008 |
$5,000 |
$1,000 |
$6,000 |
Estate Tax Exclusion and Credit
Tax Year |
Exclusion |
Credit |
Top Rate |
2005 |
$1,500,000 |
$555,800 |
47% |
2006 |
$2,000,000 |
$780,800 |
46% |
2007 |
$2,000,000 |
$780,800 |
45% |
2008 |
$2,000,000 |
$780,800 |
45% |
2009 |
$3,500,000 |
$1,455,800 |
45% |
2010 |
No tax |
No tax |
No tax |
2011 |
$1,000,000 |
$345,800 |
55% |
Gifts - Annual Exclusion
Tax Year |
Exclusion Amount
|
2005 |
$11,000 |
2006 |
$12,000 |
2007 |
$12,000 |
2008 |
$12,000 |
Standard Mileage Rates
Tax Year |
Business
|
Charity
|
Medical/Moving
|
2006 |
44.5 cents |
14.0 cents |
18.0 cents |
2007 |
48.5 cents |
14.0 cents |
20.0 cents |
2008 |
50.5 cents |
14.0 cents |
19.0 cents |
Social Security and Medicare Rates
Tax Year |
S. S. Rate
|
Max. Base
|
Max. Tax
|
Medicare Rate
|
Max. Base/Tax
|
2006 |
6.20% |
$94,200.00 |
$5,840.40 |
1.45% |
No Limit |
2007 |
6.20% |
$97,500.00 |
$6,045.00 |
1.45% |
No Limit |
2008 |
6.20% |
$102,200.00 |
$6,324.00 |
1.45% |
No Limit |
Standard Deduction and Personal Exemption
Tax Year |
MFJ
QW
|
Single
|
HOH
|
MFS
|
Personal
Exemption
|
2006 |
$10,300 |
$5,150 |
$7,550 |
$5,150 |
$3,300 |
2007 |
$10,700 |
$5,350 |
$7,850 |
$5,350 |
$3,400 |
2008
ESTIMATE |
$10,900 |
$5,450 |
$8,000 |
$5,450 |
$3,500 |
Three Year Statute of Limitations (Generally):
Tax Year |
Statute Expires
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2003 - Filed on or before April 15, 2004 |
April 15, 2007 |
2004 - Filed on or before April 15, 2005 |
April 15, 2008 |
2005 - Filed on or before April 17, 2006 |
April 17, 2009 |
2006 - Filed on or before April 17, 2007 |
April 17, 2010 |
2007 - Filed on or before April 15, 2008 |
April 15, 2011 |
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