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Azeez
& Associates P.L.L.C.
Accountants and
Business Consultants
P.O. Box 702460
Plymouth, Michigan 48170
248.449.1442 (Phone)
248.449.1443 (Fax)
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- The FICA limit for 2011 is $ 110,100
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- The standard mileage rate for business use of an auto is 55.5 cents per mile
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- The 401(k) deferral amount for 2012 is $17,000 and the catch up contribution for taxpayers over 50 is an additional $5,500
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- Section 179 expense for 2012 is $ 125,000
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- Non Cash donations in excess of $5,000 requires a written appraisal
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- Long term capital gains rate is 15% through 2012
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- Qualifying dividends are taxed at the same rates as long term capital gains through 2012
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- Traditional and Roth IRA's for 2012 are $5,000 for taxpayers under age 50 and $6,000 for over age 50
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- The annual gift tax exclusion is $ 13,000 for 2012
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- The maximum contribution to a health savings account in 2012 is $6,250
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