Helpful information:
Tax Rate for 2020
Tax Rates Single Married Jointly
Ordinary Capital Income range Income range
Income Gains
10% 0% $0 to $9,875 $0 to $19,750
12% 0% $9,876 to $40,125 $19,751 to $80,250
22% 15% $40,126 to $85,525 $80,251 to $171,050
24% 15% $85,526 to $163,300 $171,051 to $326,600
32% 15% $163,301 to $207,350 $326,601 to $414,700
35% 15%-20% $207,351 to $518,400 $414,701 to $622,050
37% 20% Over $518,401 Over $622,051
2020 Pension and IRA limits
Under 50 Over 50
IRA contribution $6,000 $7,000
SIMPLE contribution $13,500 $16,500
401K/403B deferrals $19,500 $26,000
Maximum benefit defined contribution plan..$57,000
Maximum benefit defined benefit plan........$230,000
Maximum compensation base...................$285,000
Highly compensated employee wage.........$130,000
Social security taxable wage base..............$137,700
Health Savings accounts contribution limits
Individual $3,550
Family $7,100
Age 55 and older increase $1,000
Links to Important Forms
Standard Rates
STANDARD MILEAGE RATES
Business...............54 cents/mile
Medical or moving....19 cents/mile
Charitable...............14 cents/mile
BUSINESS TRAVEL PER DIEM RATES
Lodging Meals Total
Low cost area $132 $57 $189
High cost area $214 $68 $282
Alaska rates vary by locale but tend to be higher for meals
CHILD CARE PROVIDER MEAL RATES ALASKA
Breakfast $2.09
Lunch or dinner $3.99
Snack $1.19
Section 179 and bonus depreciation for 2017
Maximum deduction limit $500,000
Spending cap $2 million
Bonus depreciation permitted 50%
There is a dollar for dollar reduction in the 179 deduction for asset purchases in excess of $2 million
