Home
Our Services
About Us
FAQs
Charts
Articles
Forms
Directions
Contact Us
Accounting and Tax Center, Inc.
P.O. Box 20683     Roanoke, Virginia 24018     (540) 774-7400
 

Charts

Information current as of November 29, 2016


Before Proceeding, Please Note: The following is presented as a General Guideline only. Accounting and Tax Center, Inc. is not responsible for typographical errors (which do occur). You should consult your tax advisor before using any of the following information. Tax laws are subject to change at any time. Consult your tax advisor or call us for the latest information. Accounting and Tax Center, Inc., is providing this information to you for use as general guidance. Accounting and Tax Center, Inc., is not engaging in rendering any specific legal, tax, or accounting advice. Only a qualified tax professional with all the facts at his or her disposal can determine the appropriateness of the application of any law to a given set of facts and circumstances.

Donation Guides on the Internet





Contribution Limits for Traditional and Roth IRAs

(1) Traditional Individual Retirement Accounts were established by the Employee Retirement Income Security Act of 1974 (ERISA) enacted September 2, 1974.
(2) Roth IRAs were established by the Taxpayer Relief Act of 1997 enacted August 5, 1997, and were first available in 1998.

Tax Year

Standard Limit
Younger Than Age 50

Non-Working Spouse
Contribution Limit


Catch-Up Contribution

Contribution Limit
Age 50 or Older

1974 (1)

$1,500

N/A

N/A

N/A

1975

$1,500

N/A

N/A

$1,500

1976

$1,500

N/A

N/A

$1,500

1977

$1,500

$250

N/A

$1,500

1978

$1,500

$250

N/A

$1,500

1979

$1,500

$250

N/A

$1,500

1980

$1,500

$250

N/A

$1,500

1981

$1,500

$250

N/A

$1,500

1982

$2,000

$250

N/A

$2,000

1983

$2,000

$250

N/A

$2,000

1984

$2,000

$250

N/A

$2,000

1985

$2,000

$250

N/A

$2,000

1986

$2,000

$250

N/A

$2,000

1987

$2,000

$250

N/A

$2,000

1988

$2,000

$250

N/A

$2,000

1989

$2,000

$250

N/A

$2,000

1990

$2,000

$250

N/A

$2,000

1991

$2,000

$250

N/A

$2,000

1992

$2,000

$250

N/A

$2,000

1993

$2,000

$250

N/A

$2,000

1994

$2,000

$250

N/A

$2,000

1995

$2,000

$250

N/A

$2,000

1996

$2,000

$250

N/A

$2,000

1997

$2,000

$250

N/A

$2,000

1998 (2)

$2,000

$2,000

N/A

$2,000

1999

$2,000

$2,000

N/A

$2,000

2000

$2,000

$2,000

N/A

$2,000

2001

$2,000

$2,000

N/A

$2,000

2002

$3,000

$3,000

$500

$3,500

2003

$3,000

$3,000

$500

$3,500

2004

$3,000

$3,000

$500

$3,500

2005

$4,000

$4,000

$500

$4,500

2006

$4,000

$4,000

$1,000

$5,000

2007

$4,000

$4,000

$1,000

$5,000

2008

$5,000

$5,000

$1,000

$6,000

2009

$5,000

$5,000

$1,000

$6,000

2010

$5,000

$5,000

$1,000

$6,000

2011

$5,000

$5,000

$1,000

$6,000

2012

$5,000

$5,000

$1,000

$6,000

2013

$5,500

$5,500

$1,000

$6,500

2014

$5,500

$5,500

$1,000

$6,500

2015

$5,500

$5,500

$1,000

$6,500

2016

$5,500

$5,500

$1,000

$6,500

2017

$5,500

$5,500

$1,000

$6,500

2018

$5,500

$5,500

$1,000

$6,500

2019

$6,000

$6,000

$1,000

$7,000



Estate Tax Exclusion

Tax Year

Exclusion

Top Rate

2005

$1,500,000

47%

2006

$2,000,000

46%

2007

$2,000,000

45%

2008

$2,000,000

45%

2009

$3,500,000

45%

2010

$5,000,000

Special Rules

2011

$5,000,000

35%

2012

$5,120,000

35%

2013

$5,250,000

40%

2014

$5,340,000

40%

2015

$5,430,000

40%

2016

$5,450,000

40%

2017

$5,490,000

40%

2018

$11,180,000

40%

2019

$11,400,000

40%



Gifts - Annual Exclusion

Tax Year

Exclusion Amount

2005

$11,000

2006

$12,000

2007

$12,000

2008

$12,000

2009

$13,000

2010

$13,000

2011

$13,000

2012

$13,000

2013

$14,000

2014

$14,000

2015

$14,000

2016

$14,000

2017

$14,000

2018

$15,000

2019

$15,000



Standard Mileage Rates

CLICK for IRS 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

1/1/2008
to 6/30/2008


50.5 cents


14.0 cents


19.0 cents

7/1/2008
to 12/31/2008


58.5 cents


14.0 cents


27.0 cents

2009

55.0 cents

14.0 cents

24.0 cents

2010

50.0 cents

14.0 cents

16.5 cents

1/1/2011 to 6/30/2011


51.0 cents


14.0 cents


19.0 cents

7/1/2011 to 12/31/2011


55.5 cents


14.0 cents


23.5 cents

2012

55.5 cents

14.0 cents

23.0 cents

2013

56.5 cents

14.0 cents

24.0 cents

2014

56.0 cents

14.0 cents

23.5 cents

2015

57.5 cents

14.0 cents

23.0 cents

2016

54.0 cents

14.0 cents

19.0 cents

2017

53.5 cents

14.0 cents

17.0 cents

2018

54.5 cents

14.0 cents

18.0 cents

2019

58.0 cents

14.0 cents

20.0 cents



How Work Affects Your Social Security Benefits.

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%

$102,000.00

$6,324.00

1.45%

No Limit

2009

6.20%

$106,800.00

$6,621.60

1.45%

No Limit

2010

6.20%

$106,800.00

$6,621.60

1.45%

No Limit

2011

4.20%

$106,800.00

$4,485.60

1.45%

No Limit

2012

4.20%

$110,100.00

$4,624.20

1.45%

No Limit

2013

6.20%

$113,700.00

$7,049.40

1.45%

No Limit

2014

6.20%

$117,000.00

$7,254.00

1.45%

No Limit

2015

6.20%

$118,500.00

$7,347.00

1.45%

No Limit

2016

6.20%

$118,500.00

$7,347.00

1.45%

No Limit

2017

6.20%

$127,200.00

$7,886.40

1.45%

No Limit

2018

6.20%

$128,400.00

$7,960.80

1.45%

No Limit

2019

6.20%

$132,900.00

$8,239.80

1.45%

No Limit



Standard Deduction and Personal Exemption

Tax Year

MFJ
QW

Single

HOH

MFS

Personal
Exemption

Child and
Dependent

2006

$10,300

$5,150

$7,550

$5,150

$3,300

$850

2007

$10,700

$5,350

$7,850

$5,350

$3,400

$850

2008

$10,900

$5,450

$8,000

$5,450

$3,500

$900

2009

$11,400

$5,700

$8,350

$5,700

$3,650

$950

2010

$11,400

$5,700

$8,400

$5,700

$3,650

$950

2011

$11,600

$5,800

$8,500

$5,800

$3,750

$950

2012

$11,900

$5,950

$8,700

$5,950

$3,800

$950

2013

$12,200

$6,100

$8,950

$6,100

$3,900

$1,000

2014

$12,400

$6,200

$9,100

$6,200

$3,950

$1,000

2015

$12,600

$6,300

$9,250

$6,300

$4,000

$1,050

2016

$12,600

$6,300

$9,300

$6,300

$4,050

$1,050

2017

$12,700

$6,350

$9,350

$6,350

$4,050

$1,050



The Tax Cuts and Jobs Act (TCJA), enacted December 22, 2017, made significant changes to the Internal Revenue Tax Code. One of the most significant changes was; the Personal exemption was suspended. For 2018, you can't claim a personal exemption for yourself, your spouse, or your dependents.

The Tax Cuts and Jobs Act (TCJA), also doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years.

The new law also created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit.

Kiddie Tax - The TCJA mentioned above also made significant changes to the Kiddie Tax rules. Please see: IRS Topic 553 - Tax on a Child's Investment Income.


Three Year Statute of Limitations (Generally):


Tax Year

Statute Expires

2016 - Filed on or before April 18, 2017 - Tuesday

April 18, 2020 - Saturday

2017 - Filed on or before April 17, 2018 - Tuesday

April 15, 2021 - Saturday

2018 - Filed on or before April 15, 2019 - Monday

April 15, 2022 - Friday

2019 - Filed on or before April 15, 2020 - Wednesday

April 15, 2023 - Saturday

Generally, the statute of limitations for the IRS to assess taxes on a taxpayer expires three (3) years from the due date of the return or the date on which it was filed, whichever is later. A return is considered to be filed on the due date of the return if it was filed on or before its due date.

Beware of dates falling on Saturday, Sunday or a legal holiday!

Local Tax Rates

Locality

Link

Town of Bedford

Town of Bedford

Bedford County

Bedford County

Botetourt County

Botetourt County

Craig County

Craig County

Franklin County

Franklin County

Giles County

Giles County

Montgomery County

Montgomery County

Roanoke City

Roanoke City

Roanoke County

Roanoke County

Salem City

Salem City

Vinton

Vinton

.



Blue Ridge Chapter
Virginia Society of Enrolled Agents

Privacy Policy

Please click here for our privacy policy.

 
Home  •  Our Services  •  About Us  •  Contact Us
 
 
© 2003-2018 Accounting and Tax Center, Inc. All rights reserved.
Privacy Policy

This site designed and maintained by JTKWeb.
E-mail webmaster.

Search by FreeFind.