Auto Mileage Rates

For 1/1/2022 through 6/30/2022:

58.5 cents per mile for business

14.0 cents per mile for charity

18.0 cents per mile for medical or moving

For 7/1/2022 through 12/31/2022:

62.5 cents per mile for business

14.0 cents per mile for charity

22.0 cents per mile for medical or moving

For 2023 rates have not been determined yet.

Social Security

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

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

Annual Gift Tax Exclusion

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

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

Federal Estate Tax

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

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

Business Asset Expensing

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.

Retirement Plan Contributions 

For 2022

Traditional IRA $6,000 ($7,000 if 50 or older)

Roth IRA $6,000 ($7,000 if 50 or older)

SEP Plans lesser of 25% of compensation or $61,000

For 2023

Traditional IRA and Roth IRA $6,500 ($7,500 if 50 or older)