Annual Tax Reference Guide

	2010	2011	2012
Personal Exemptions	3,650	3,700	3,800
AGI Phase-out starts at
Single	None	None	None
Married/Joint	None	None	None
Standard Deductions
Single	5,700	5,800	5,950
Married/Joint	11,400	11,600	11,900
AGI Limit for 3% reduction
Single	None	None	None
Married/Joint	None	None	None
Alternative Minimum Tax
Exempt Income
Single	47,450	48,450	33,750*
Married/Joint	72,450	74,450	45,000*
Tax Rates
AMT Income up to $175,000	26%	26%	26%
AMT Income over $175,000	28%	28%	28%
Social Security
Taxable Wage Limits	106,800	106,800	110,100
Employee
Tax Rate	6.2%	4.2%	4.2%
Maximum Tax	6,622	4,486	4,624
Self-employed
Tax Rate	12.4%	10.4%	10.4%
Maximum Tax	13,243	11,107	11,450
Medicare Tax
Taxable Wage Limits	No Limits	No Limits	No Limits
Tax Rate
Employee	1.45%	1.45%	1.425%
Self-employed	2.9%	2.9%	2.9%
Earnings Limits if Collecting
Prior to full retirement age	14,160	14,160	14,640
Full retirement age	37,680	37,680	38,880
Beyond full retirement age	No Limit	No Limit	No Limit
Benefits are taxable at up to 50% if total income exceeds:
Single	25,000	25,000	25,000
Married/Joint	32,000	32,000	32,000
Benefits are taxable at up to 85% if total income exceeds:
Single	34,000	34,000	34,000
Married/Joint	44,000	44,000	44,000
Maximum Contributions to Retirement Plans
IRAs - Traditional and Roth	5,000	5,000	5,000
IRAs - Non-working spouse	5,000	5,000	5,000
Age 50 + additional contribution	1,000	1,000	1,000
401K, 403B, 457, and SARSEP	16,500	16,500	17,000
Age 50 + additional contribution	5,500	5,500	5,500
Simple IRA plans	11,500	11,500	11,500
Age 50 + additional contribution	2,500	2,500	2,500
Defined contribution plans (profit sharing, Keogh & money purchase)
Maximum compensation	245,000	245,000	250,000
Maximum contribution	25% up to 49,000	25% up to 49,000	25% up to 49,000
Health Savings Accounts
Contribution, plan deduction not to exceed:
Single	3,050	3,050	3,100
Married/Joint	6,150	6,150	6,250
Age 55+ additional contribution	1,000	1,000	1,000
Federal estate tax exemption	5,000,000	5,000,000	5,000,000
Federal gift tax exemption
Annual per person	13,000	13,000	13,000
Lifetime exclusion (for estate planning)	1,000,000	5,000,000	5,120,000
Education Deductions/Credits
Teachers Expense Deduction (deduct excess on Sch. A)	250	250	None***
Student Loan Interest Deduction
Single
Income below $60,000 (2012)	2,500	2,500	2,500
Income above $75,000 (2012)	None	None	None
Married/Joint
Income below $120,000 (2012)	2,500	2,500	2,500
Income above $150,000 (2012)	None	None	None
American Opportunity Tax Credit	2,500	2,500	2,500
Lifetime Credit at 20%
Single
Income below $50,000 (2010); 51,000 (2011); 52,000 (2012)	2,000	2,000	2,000
Income above $60,000 (2010); 61,000 (2011); 62,000 (2012)	None	None	None
Married/Joint
Income below $100,000 (2010); 102,000 (2011); 104,000 (2012)	2,000	2,000	2,000
Income above $120,000 122,000 (2011)	None	None	None
Tuition and Fee Deduction
Single
Income under $65,000	4,000	4,000	None***
Income above $80,000	2,000	2,000	None***
Married/Joint
Income under $130,000	4,000	4,000	None***
Income above $160,000	2,000	2,000	None***
Per diem allowance (effective from 10/1 to 9/30)
High cost average
Meals	65	65	65
Lodging	193	168	177
Low cost average
Meals	52	52	52
Lodging	111	108	111
Standard Mileage Rates
Business use Rate Change 7/1/11	$0.50	$0.51 $0.555	$0.555

Non business use
Charitable activities	$0.14	$0.14	$0.14
Medical Rate Change 7/1/11	$0.165	$0.19 $0.23	$0.23

Moving Rate Change 7/1/11	$0.165	$0.19 $0.23	$0.23

Tolls and Parking (for above usage)	Actual Cost	Actual Cost	Actual Cost
Vehicle Depreciation (Under 6,000 punds gross weight)
Automobiles
First year	3,060	3,060	N/A
Second year	4,900	4,900	N/A
Third year	2,950	2,950	N/A
Future years	1,775	1,775	N/A
Vans and light trucks
First year	3,160	3,160	N/A
Second year	5,100	5,100	N/A
Third year	3,050	3,050	N/A
Future years	1,875	1,875	N/A
Depreciation - Sec 179
First year write off	500,000	500,000	125,000
Total equipment purchases must be under:	2,000,000	2,000,000	500,000
Trucks and SUV's - Must be new (Between 6,000 and 14,000 LBS GVW)	25,000	25,000	25,000

* Expired @ 12/31/11 - Not yet extended.
*** Expired @ 12/31/11 - Not yet extended.