2017 - TAX FACTS

2018 Social Security: 

Maximum Taxable Wages                                    $128,400

 

Medicare: 

Maximum Taxable Salary:                                    Unlimited

 

Medicare Tax Rate:                                              1.45%

 

Do I need to file this year?  (Click here for the filing requirements)

https://www.irs.gov/uac/do-i-need-to-file-a-tax-return

 

 

Want some help with determining the proper number of exemptions to claim on your W-4 for wage withholding? 

(click the link for the IRS’s withholding calculator or call our office for assistance)

https://www.irs.gov/individuals/irs-withholding-calculator

 

 

Prior-year Safe Habor for estimated taxes           110% of prior year tax

of higher-income:                                              

 

Standard mileage rate for business driving           54.5 cents / mile

2018

 

Unearned income maximum for children              $2,100

before kiddie tax applies

 

Maximum capital gains tax rate for taxpayers       0% 

in the 10% - 15% bracket

 

Maximum capital gains tax rate for taxpayers       15-20% 

above the 15% bracket                                     (high income taxpayers)

 

Capital gains tax rate on collectiblees                  28%

 

2018 Traditional / Roth IRA Contribution limit       $5,500 or

                                                                       $6,500 (age 49+)

 

Maximum employee contribution to                    SIMPLE IRA 2018 $12,500 ($15,500 age 50 or older)

 

                                                                       25% of compensation

Maximum employee contribution to SEP IRA        up to $54,000

 

401(k) Maximum employee contribtuion limit       $18,000 under 50

                                                                        $24,000 above 50 

 

Self-employed health insurance deduction           100%

 

Federal Estate Tax                                            40% on Estate's excess

                                                                      value of $11.2 million ($22.4M married)

 

Annual Exclusion for Gifts                                 $15,000 per receipient

                                                                      (per year - effective 1-1-2018)

 

IRC Section 121 Capital Gains exclusion on        up to $500,000 for

of primary residence if house was lived in 24       for married couples

of the 60 months preceding sale date                    ($250,000 single)

 

 

 

 

 

     Contact Us Today

Primary office for Valentine Seevers & Associates Certified Public Accountants

3781 Evergreen Parkway

Evergreen, Colorado  80439

Phone: 303-674-5561

E-mail: info@vsaacpa.com

Satellite office for Valentine Seevers & Associates Certified Public Accountants 

BY APPOINTMENT ONLY 

13976 W Bowles Avenue

Suite #200

Littleton, Colorado  80127

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