Auto Mileage Rates

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For 2023:

65.5 cents per mile for business

14.0 cents per mile for charity

22.0 cents per mile for medical or moving

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For 2024:

67.0 cents per mile for business

14.0 cents per mile for charity

21.0 cents per mile for medical or moving

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Social Security

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For 2022 social security taxable wage limit is $147,000.

For 2023 social security taxable wage limit is $160,200.

For 2024 social security taxable wage limit is $168,600.

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Annual Gift Tax Exclusion

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For 2022 the annual gift tax exclusion is $16,000 per individual.

For 2023 the annual gift tax exclusion is $17,000 per individual.

For 2024 the annual gift tax exclusion is $18,000 per individual.

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Federal Estate Tax

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For 2022 the estate tax exemption is $12,060,000 per person.

For 2023 the estate tax exemption is $12,920,000 per person.

For 2024 the estate tax exemption is $13,610,000 per person.

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Business Asset Expensing

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For 2021 and 2022 short-lived capital investments in machinery and equipment may be fully expensed as soon as they are placed in service. This applies to both new and used items.

For 2023 bonus expensing is 80% of cost.

For 2024 bonus expensing is 60% of cost.

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Retirement Plan Contributions 

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SEP Plans lesser of 25% of compensation or $69,000

 

Traditional IRA and Roth IRA $7,000 ($8,000 if 50 or older)

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