Cronin & Associates, Ltd.
Accounting & Tax Solutions
Inverness, IL Phone: 847-991-5200 Fax: 847-991-8006
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Cronin & Associates, Ltd. |
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Accounting & Tax Solutions |
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2008 & 2009 IRS Rates and Limits |
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Mileage Rates |
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2008 |
2009 |
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Standard Mileage Rate |
50.5 (1/1 to 6/30) | 55.0 | |
| 58.5 (7/1 to 12/31) | |||
| Medical/Moving | 19.0 (1/1 to 6/30) | 24.0 | |
| 27.0 (7/1 to 12/31) | |||
| Charity | 14.0 | 14.0 | |
Retirement Plans |
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Type of Retirement Plan |
2008 |
2009 |
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| Individual retirement Account (IRA) | $5,000 | $5,000 | |
| Catch-up amount, age 50 and older | $1,000 | $1,000 | |
| 401(k) | $15,500 | $16,500 | |
| Catch-up amount, age 50 and older | $5,000 | $5,500 | |
| Simple Plan | $10,500 | $11,500 | |
| Catch-up amount, age 50 and older | $2,500 | $2,500 | |
| SEP IRA contribution limit | $46,000 | $49,000 | |
| In order to maximize the tax benefits of your retirement contributions the following amounts reflect the maximum contributions for the respective years: | |||
Other Limits |
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2008 |
2009 |
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| Annual Gift Tax Exclusion amount | $12,000 | $13,000 | |
| Estate Tax Applicable Exclusion Amount | $2,000,000 | $3,500,000 | |
| Maximum taxable payroll earnings | |||
| For Social Security | $102,000 | $106,800 | |
| Section 179 Depreciation expense | |||
| Annual limitation | $250,000 | $250,000 | |
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1601 Colonial Parkway, Suite B • Inverness, IL 60067 • Phone: (847)991-5200 • Fax: (847)991-8006
  
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