| QUICK FACTS | |||||||
| Read Disclaimer | |||||||
| MILEAGE RATES | |||||||
| 1/1/2008 | 7/1/2008 | effective | |||||
| 2007 | 6/30/2008 | 12/31/2008 | 1/1/2009 | ||||
| Business Mileage Rate | $ 0.485 | $ 0.505 | $ 0.585 | $ 0.550 | |||
| Charitable Mileage Rate | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |||
| Medical Mileage Rate | $ 0.20 | $ 0.19 | $ 0.27 | $ 0.24 | |||
| Moving Mileage Rate | $ 0.20 | $ 0.19 | $ 0.27 | $ 0.24 | |||
| IRA CONTRIBUTION LIMITS | |||||||
| (subject to compensation limits) | |||||||
| 2007 | 2008 | 2009 | |||||
| Traditional IRA | Lesser of $4,000.00 or 100% Earned Income | Lesser of $5,000 or 100% Earned Income | Lesser of $5,000 or 100% Earned Income | ||||
| Roth IRA | Lesser of $4,000.00 or 100% Earned Income | Lesser of $5,000 or 100% Earned Income | Lesser of $5,000 or 100% Earned Income | ||||
| 401(k) plans, 403(b) plans | Lesser of $15,500 or 100% of participant's compensation | Lesser of $15,500 or 100% of participant's compensation | Lesser of $16,500 or 100% of participant's compensation | ||||
| 457(b) plans, SAR-SEP Plans | Lesser of $15,500 or 100% of participant's compensation | Lesser of $15,500 or 100% of participant's compensation | Lesser of $16,500 or 100% of participant's compensation | ||||
| Simple IRA and Simple 401(k) plans | Lesser of $10,500 or 100% of participant's compensation | Lesser of $10,500 or 100% of participant's compensation | Lesser of $11,500 or 100% of participant's compensation | ||||
| Additional Catch-Up Contributions (age 50 or older) | |||||||
| 401(k) plans, 403(b) plans | $ 5,000.00 | $ 5,000.00 | $ 5,500.00 | ||||
| 457(b) plans, SAR-SEP plans | $ 5,000.00 | $ 5,000.00 | $ 5,500.00 | ||||
| Simple IRA and Simple 401(k) plans | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | ||||
| IRA (Traditional & Roth) | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | ||||
| TAX RATES | |||||||
| Long-Term Capital Gains | 2007 | 2008 | 2009 | ||||
| Taxpayers in Marginal tax brackets >15% | 15 | 15 | 15 | ||||
| Taxpayers in Marginal tax brackets 15% or less | 15 | 5 | 0 | ||||
| Taxpayers meeting income limitations | 15 | 0 | 0 | ||||
| Annual Gift Exclusion | 2007 | 2008 | 2009 | ||||
| Annual gift to single individual | $ 12,000.00 | $ 12,000.00 | $ 13,000.00 | ||||
| COMMON DUE DATES | |||||||
| 15-Jan | 4th Individual Estimated Tax Payment for prior year | ||||||
| 31-Jan | Annual Payroll Reports | ||||||
| 31-Jan | Annual Forms 1096 & 1099 for non-employee compensation | ||||||
| 31-Jan | Business Property Listings | ||||||
| 15-Mar | Corporate Income Tax Returns | ||||||
| 15-Mar | Corporate Income Tax Extension Requests | ||||||
| 15-Apr | Partnership Income Tax Returns | ||||||
| 15-Apr | Partnership Income Tax Extension Requests | ||||||
| 15-Apr | Individual Income Tax Returns | ||||||
| 15-Apr | individual Income Tax Extension Requests | ||||||
| 15-Apr | 1st Individual Estimated Tax Payment for current year | ||||||
| 15-Jun | 2nd Individual Estimated Tax Payment for current year | ||||||
| 15-Sep | 3rd Individual Estimated Tax Payment for current year | ||||||
| 15-Sep | Extended Corporate and Partnership Income Tax Returns | ||||||
| 15-Oct | Extended Individual Income Tax Returns | ||||||