Hot Topics
- Business Deductions
- Business Taxes
- Capital Gains & Losses
- Closing Your Business
- Contract Labor
- Filing Taxes
- Hiring Workers
- IRS Penalties
- Paying Taxes
- Employment Taxes
- Retirement Plans
- Schedule C
- Selling Your Business
- Startups
- Tax Credits
More Tax Topics
- Business Structures
- Start-up Costs
- Depreciation
- Car Expenses
- Home Office Deduction
- Travel Expenses
- Hiring Workers
- Meals and Entertainment
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
Quick Links
Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Key Numbers and Rates for 2011
Personal Exemption (for yourself and each dependent)
- Each allowable exemption: $3,700
- No phaseout for 2011
Standard Deduction
- Joint return and qualifying widow(er): $11,600
- Head of household: $8,500
- Single: $5,800
- Married filing separately: $5,800
- Dependents - minimum deduction: $950
- Additional deduction if age 65 or older, or blind:
- Married-per-spouse, filing jointly or separately:
- $1,150
- $2,300 for both age and blindness
- Qualifying widow(er):
- $1.150
- $2,300 for both age and blindness
- Single or head of household:
- $1,450
- $2,900 for both age and blindness
- Married-per-spouse, filing jointly or separately:
Capital Gain Rates for Assets Held Over One Year
- If otherwise subject to 10% or 15% rate: 0%
- If otherwise subject to rate over 15%: 15%
- Collectibles gain - maximum rat: 28%
- Unrecaptured Section 1250 gain on depreciated real estate-maximum rate: 25%
Qualified Dividends Tax Rate
- If otherwise subject to 10% or 15%: 0%
- If otherwise subject to rate over 15%: 15%
IRS Mileage Rate:
- For Businesses:
- January 1, 2011 through June 30, 2011: 51 cents per mile
- July 1, 2011 through December 31, 2011: 55.5 cents per mile
- Medical and Moving:
- January 1, 2011 through June 30, 2011: 19 cents per mile
- July 1, 2011 through December 31, 2011: 23.5 cents per mile
- Charitable:
- January 1, 2011 through December 31, 2011: 14 cents per mile
Exclusion for Employer Provided Transportation
- Transit passes and commuter vehicle transport: $230 per month
- Qualified parking: $230 per month
- Qualified bicycle commuting: $20 per month
IRA Contributions
- Traditional IRA contribution limit: $5,000
- Additional contribution if age 50 or older: $1,000
- Deduction phaseout for active plan participant:
- Single or head of household: $56,000 - $66,000
- Married filing jointly, two participants: $90,000 - $110,000
- Married filing jointly, one participant:
- Participant spouse: $90,000 - $110,000
- Non-participant spouse: $169,000 - $179,000
- Married filing separately, live together, either
participates:
- $0 - $10,000
- Married filing separately, live apart all year:
- Participant spouse: $56,000 - $66,000
- Non-participant spouse: no phaseout
- Roth IRA contribution limit: $5,000
- Additional contribution if age 50 or older: $1,000
- Contribution limit phaseout range:
- Single, head of household: $107,000 - $122,000
- Married filing separately, live apart all year: $107,000 - $122,000
- Married filing jointly, or qualifying widow(er): $169,000 - $179,000
- Married filing separately, live together at any time: $0 - $10,000
Elective Deferral Limits
- 401(k), 403(b), 457 plans: $16,500
- Salary-reduction SEP: $16,500
- SIMPLE: $11,500
- Additional contribution if age 50 or older:
- 401(k), 403(b), governmental 457 and SEP plans: $5,500
- SIMPLE IRA: $2,500
Education
- American Opportunity credit limit-per student: $2,500
- Lifetime Learning credit limit-per-taxpayer: $2,000
- Phaseout of American Opportunity credit:
- Married filing jointly: $160,000 - $180,000
- Single, head= of housel=hold, or qualifying widow(er): $80,000 - $90,000
- Phaseout of Lifetime Learning credit:
- Married filing jointly: $102,000 - $122,000
- Single, head of household, or
- qualifying widow(er): $51,000 - $61,000
- Student loan interest deduction limit: $2,500
- Phaseout of deduction limit:
- Married filing jointly: $120,000 - $150,000
- Single, head of household, qualifying widow(er): $60,000-$75.000
- Phaseout of deduction limit:
- Coverdell ESA limit: $2,000
- Phaseout of limit:
- Married filing jointly: $190,000 - $220,000
- All others: $95,000 - $110,000
- Phaseout of limit:
- Tuition and fees deduction:
- Tuition and fees deduction limit: $4,000
- Income cut-off:
- Married filing jointly: $130,000
- Single, head of household, or qualifying widow(er) $65,000
- Tuition and fees deduction limit-tier 2 limit: $2,000
- Income cut-off:
- Married filing jointly: $160,000
- Single, head of household, or qualifying widow(er): $80,000
Long-term Care Premiums
- Limit on premium allowed as medical expense
- Age 40 or under: $340
- Over 40 but not over 50: $640
- Over 50 but not over 60: $1,270
- Over 70: $4,240
Copyright © 2008-2012 Larry Villano. All rights reserved.