1601 Colonial Parkway, Inverness IL 60067
847-991-5200 | don@cronin-cpa.com

 
 

2015 & 2014 IRS Rates and Limits

Mileage Rates

 

2015

2014

Standard Mileage Rate          

  .56
 
Medical/Moving   .235
     
Charity   14.0
 

Retirement Plans Contribution Limits

Type of Retirement Plan

2015

2014

Individual retirement Account (IRA) $5,500 $5,500
Catch-up amount, age 50 and older $1,000 $1,000
     
401(k) $18,000 $17,500
Catch-up amount, age 50 and older $5,500 $5,500
     
Simple Plan $12,500 $12,000
Catch-up amount, age 50 and older $2,500 $2,500
     
SEP IRA contribution limit $53,000 $52,000
     
In order to maximize the tax benefits of your retirement contributions the following amounts reflect the maximum contributions for the respective years:
 

Other Government Limits and Rates

 

2015

2014

Health Savings Account: Self Only Coverage $3,350 $3,300
Health Savings Account: Family Coverage $6,650 $6,550
Health Savings Account: 55 and Older Additional Contribution $1,000 $1,000
     
Annual Gift Tax Exclusion Amount $14,000 $14,000
Estate Tax Applicable Exclusion Amount     $5,430,000 $5,340,000
     
Maximum Taxable Payroll Earnings    
For Social Security $118,500 $117,000
     
Employee Social Security Rate 6.20% 6.20%
     
Medicare Tax Rate 1.45% 1.45%
     
IDES Taxable Wage Base   $12,960
IDES Maximum Tax Rate   8.55%
IDES New Employer Rate   3.95%
IDES Minimum Tax Rate   .55%
     
Illinois Income Tax Rate   5%
     
Section 179 Depreciation expense    
Annual limitation $25,000 $25,000
     
     

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The information presented in this website is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

Serving Chicago & Chicago Northwest Suburbs such as: Palatine, Inverness, Schaumburg, Hoffman Estates, Barrington, Elk Grove, Buffalo Grove, Rolling Meadows, Wheeling, Arlington Heights, Prospect Heights, Des Plaines, Deer Park, Lake Zurich, Hawthorn Woods, Kildeer, Deerpark, Long Grove, Fox River Grove in both Cook County and Lake County

1601 Colonial Parkway, Inverness, IL 60067 • don@cronin-cpa.com • 847-991-5200 • Fax: 847-241-0050