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