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 thousand                       $14 thousand
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 thousand                       $18 thousand
Plus catch-up for employees
age 50 and over                                                    $6 thousand                         $6 thousand
Individual Retirement
Arrangement (IRA)                                        $5.5 thousand                     $5.5 thousand
Plus catch-up for individuals
age 50 and over                                                    $1 thousand                         $1 thousand
Social Security taxable
wage base                                                     $118.5 thousand                $118.5 thousand
Please call us if you have any questions on these or other IRS thresholds.
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