Client Tip for January 2016: Quick Reference Guide of 2016

 In Client Tips

Quick Reference Guide of 2016 IRS Announced Rates and Amounts

2016 2015
Estate Exemption Per Individual $5.45 Million $5.43 Million
Annual Gift Exclusion $14,000 $14,000
Mileage Rates:
Business 54 cents 57.5 cents
Charitable 14 cents 14 cents
Medical and Moving 19 cents 23 cents
Employee Elective Deferrals to 401(K), 403(B), and 457 $18,000 $18,000
Plus Catch-Up for Employees Age 50 and Over $6,000 $6,000
Individual Retirement Arrangement (IRA) $5,500 $5,500
Plus Catch-Up for Individuals Age 50 and Over $1,000 $1,000
Social Security Taxable Wage Base $118,500 $118,500

Please call us if you have any questions on these or other IRS thresholds.

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