| Changes for 2012 Roth Conversions Report the last installment of 2011 conversion deferred over two years. Auto Mileage Rates Payroll Tax Reduction For January and February 2012 , there is a 2% reduction in the enmployee's portion of the social security tax from 6.2% to 4.2%. Social Security Social security taxable wage limit increases to $110,100. Annual Gift Tax Exemption For 2012 the annual gift exemption is $13,000 per individual. Federal Estate Tax The estate tax exemption is $5,120,000 per person for 2012. Business Asset Expensing For 2012 the maximum amount of eligible personal property purchased during the year and used in the active conduct of a trade or business that can be expensed is $139,000.
Weismann & Company, P.C. Phone: (972) 404-0608 E-mail Addresses: |
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