- 2012 Individual Income Tax Rates
- 2012 Long-term Capital Gains & Qualifying dividends
- 2012 Personal exemption amount is $3,800
- 2012 Standard deduction amount for those that do not itemize is $5,950/single, $11,900/married filing joint, $8,700/head of household
- Standard mileage rate for 2012 is 55.5 cents per mile for business travel.
- Standard mileage rate for 2013 is 56.5 cents per mile for business travel.
- 2012 Corporate Income Tax Rates
- Maximum Section 179 Expense is $500,000 for 2012 and $500,000 for 2013.
- Record Retention Schedule Use this schedule to find out how long to keep your personal and business records.
- Farmer's Gift of Commodity Information on gifting of commodities to charitable organizations
- The wage limit subject to Social security tax for 2013 has increased to $113,700.
- There is no limit on the wages subject to Medicare.
- The American Taxpayer Relief Act of 2012 did not extend the "payroll tax holiday" , therefore the EMPLOYEE's share of Social Security taxes has reverted back to 6.2% for the calendar year 2013. When figuring your payroll tax deposit, be sure to take the Social Security wages times .153 (15.3%) plus the federal tax withholding.
- Employee or Independent Contractor?
- Annual exclusion for gifts for 2013 is $14,000
- Annaul exclusion for gifts for 2012 is $13,000