2025/2024 - SELECTED TAX FACTS:                  

2025 Social Security: 

Maximum Taxable Wage base:                             $176,100

Medicare: 

Maximum Taxable Salary:                                    Unlimited

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 Harbor: estimated taxes:           110% of prior year tax for Adjusted Gross                                                                                  Income > $150kAGI married couples (100% of                                                                          PY tax for AGI less than $150k (half for singles)

Standard mileage rate for business driving           2025 = 70   -&-   2024 = 67 cents / mile

Unearned income maximum for children              $2,500 (threshold, then sliding scale tax rate)

(Kiddie Tax applies 19 years and younger)          

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 should note that                                                                                       additional medicare tax NIIT may also apply                                                                                at 3.8%)

Capital gains tax rate on collectibles                    28%

2025 Traditional / Roth IRA Contribution limit       $7,000  - or -

                                                                        $8,000 (age 50+)  (2025 is same as 2024)

2025 Maximum employee contribution to             SIMPLE IRA = $16,500

                                                                       ($20,000 age 50 & older)

Maximum employee contribution to SEP IRA        25% of compensation

                                                                        up to $70,000 =2025  &  $69,000 =2024

401(k) Maximum employee contribution limit       $23,000=2025 / $23,000=2024 (under age 50)

                                                                        $31,000=2025 / $30,500=2024 (age 50 to 59)

                                                                        + additional $11,250 = 2025 (age 60 to 63)

Self-employed health insurance deduction            100%

Federal Estate Tax                                              40% on Estate's FMV @ date of death in excess

                                                                        value of $13.61 million (twice that for married)

Annual Exclusion for Gifts for Donors                   $19,000 = 2025   /  $18,000 = 2024

                                                                          (per recipient / per year)

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

primary residence if house was lived in 24              ($250,000 for singles)

of the 60 months preceding sale date