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Tax Info Blog

  • Welcome to the Tax Info Blog. This tax-focused blog is intended to be a helpful supplement for both clients and prospective clients of Ryan Ellis LLC.

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2008 Tax Limits

  • Retirement Limits

    401(k)/403(b)/457 Elective Deferral Limit: $15500

    401(k)/403(b)/457 Catch-Up Contribution Limit: $5000

    SIMPLE Elective Deferral Limit: $10500 ($2500 catch-up)

    Maximum Defined Contribution Pension Contribution: $46000

    Defined Contribution Compensation Limit: $230000

    Maximum Defined Benefit Pension: $185000

    Highly-Compensated Employee: $105000

    Key Employee: $150000

    IRA Contribution Limit: $5000

    IRA Catch-Up Contribution: $1000

    Traditional IRA AGI Contribution Limits: $0-$10000 if No Pension/Not MFS, $53000-$63000 S w/pension, $85000-$105000 MFJ w/2 pensions, $159000-$169000 MFJ w/1 pension

    Roth IRA AGI Contribution Limits: $101000-$116000 S/HH/QW, $159000-$169000 MFJ, $0-$10000 MFS

    Roth IRA Conversion AGI Limit: $100,000

    Saver's Credit AGI Limits: $53000 MFJ, $39750 HH, $26500 S

    Social Security Taxable Wage Base: $102000

    50% Social Security Benefit Taxation Threshold: $25000 Single, $32000 MFJ

    85% Social Security Benefit Taxation Threshold: $34000 Single, $44000 MFJ

    Extra Standard Deduction for Over 65 or Blind: $1350 Per Incident for Singles, $1050 Per Incident for MFJ

    Business Related Limits

    Mileage Rate: $0.505 Business, $.014 Charitable, $.019 Moving and Medical

    Fringe Benefit Transit Pass Limit: $115 Per Month

    Fringe Benefit Parking Pass Limit: $220 Per Month

    Child Care Fringe Benefit Limit: $5000

    179 Expensing Limit: $128000 in assets, phases out between $510000-$638000 in total assets

    Housing Related Limits

    Mortgage Acquisition Debt Limit: $1,000,000

    Mortgage Home Equity Debt Limit: $100,000 (Diasallowed Under AMT)

    Casualty and Theft Deduction Floor: 10% of AGI + $100 (Disallowed Under AMT)

    IRA First Time Homebuyer Distribution Limit: $10000

    Real Estate Passive Loss Limits: $25000 in Loss, Phases Out Between $100000-$150000 AGI

    DC First Time Homebuyers Credit: $5000, Phases Out Between $70000-$90000 ($110000-$130000 MFJ)

    Education Related Limits

    Coverdell ESA Limits: $2000 Per Child, Phases Out Between $190,000-$220,000 MFJ (Half That for Others)

    Tuition and Fee Deduction Limits: $4000 Limit, Disallowed After $160,000 AGI MFJ (Half That for Others)

    Hope Credit: 100% of first $1200 in expenses, 50% of $1101-$2400

    Lifetime Learning Credit: 20% of up to $10000 in expenses

    Hope and Lifetime Learning Credits AGI Phaseout: $48000-$58000 ($96000-$116000 MFJ, $0 MFS)

    Education Savings Bond Interest Exclusion Phaseout: $67100-$82100 ($100650-$130650 MFJ)

    Student Loan Interest Limits: $2500 Interest Amount, Phases Out Between $115000-$145000 AGI ($55000-$70000 for non-MFJ, $0 for MFS)

    Educator Expense Deduction: $250 Per Teacher

    Child Related Limits

    Personal Exemption:$3500

    Personal Exemption Phaseout: $239950-$362450 MFJ/QW, $199950-$322450 HH, $159950-$282450 S, $119975-$181225 MFS

    Child Tax Credit: $1000 Per Child, Phases Out at $110000 AGI MFJ/QW, $75000 S/HH, $55000 MFS
    Refundable CTC Begins at $12050

    Education Credit Phaseout: $94000-$114000 MFJ, $47000-$57000 others

    Dependent Care Credit Expenditure Limit: $3000 for One Child, $6000 for Two Children

    Child Care Fringe Benefit Limit: $5000

    Adoption Credit Limit: $11650 Per Child, Phases Out Between $174730-$214730 AGI

    Kiddie Tax Limit: $900

    Dependent Standard Deduction: $900, or $300 Plus Earned Income

    Health Care Related Limits

    HSA Contribution Limit: $2900 single, $5800 family

    Over 55 Catch-Up Contribution: $900

    HDHP Deductible Minimum: $1100 Single, $2200 Family

    HDHP Out of Pocket Max: $5600 Single, $11200 Family

    Medical Expense Deduction Floor: 7.5% of AGI (10% if in AMT)

    Long Term Care Insurance Premium Limit: <40=$310, 40-50=$580, 50-60=$1150, 60-70=$3080, 70<$3850

    Miscellaneous Limits

    Standard Deduction: $5450 S/MFS, $8000 HH, $10900 MFJ/QW

    Itemized Deduction Phaseout (Pease): $159950 of AGI (Half for MFS)

    Miscellaneous Itemized Deduction Floor: 2% of AGI (Disallowed Under AMT)

    Capital Loss Limit: $3000

    Gift Limit: $12000

    Foreign Earned Income Exclusion: $87600

    Death Tax Exemption: $2,000,000/45% Rate

    Ex-pat Trigger: $139000

    Earned Income Credit AGI Limits:
    MFJ No Kids: $15880
    MFJ 1 Kid: $36995
    MFJ 2/More Kids: $41646
    Others No Kids: $12880
    Others 1 Kid: $33995
    Others 2/More Kids: $38646

    Max Investment Income for EIC: $2950

2008 Individual Income Tax Brackets

  • Single
    10%: $0-$8025
    15%: $8026-$32550
    25%: $32551-$78850
    28%: $78851-$164550
    33%: $164551-$357700
    35%: $357701-
  • Married Filing Jointly/
    Qualified Widow(er)
    10%: $0-$16050
    15%: $16051-$65100
    25%: $65101-$131450
    28%: $131451-$200300
    33%: $200301-$357700
    35%: $357701-
  • Heads of Households
    10%: $0-$11450
    15%: $11451-$43650
    25%: $43651-$112650
    28%: $112651-$182400
    33%: $182401-$357700
    35%: $357701-
  • Married Filing Separately
    10%: $0-$8025
    15%: $8026-$32550
    25%: $32551-$65725
    28%: $65726-$100150
    33%: $100151-$178850
    35%: $178851-

Corporate Income Tax Brackets

  • 15%: $0-$50000
    25%: $50001-$75000
    34%: $75001-$100000
    39%: $100001-$335000
    34%: $335001-$10,000,000
    35%: $10,000,001-$15,000,000
    38%: $15,000,001-$18,333,333
    35%: $18,333,334-

Tax Calendar

  • Due Dates for Returns
    3/15: Corporations, S-Corporations
    3/15: S-Corporation Election
    4/15: Individuals and Partnerships
    9/15: Extension Deadline, Corporations and S-Corporations
    10/15: Extension Deadline, Individuals and Partnerships
  • Estimated Income Tax
    First Quarter: April 15
    Second Quarter: June 15
    Third Quarter: September 15
    Fourth Quarter: December 31 (January 15 Individual)
  • Employment Taxes
    1/31: W-2s and 1099s, and Unemployment
    1/31: Fourth Quarter FICA
    5/1: First Quarter FICA
    7/31: Second Quarter FICA
    10/31: Third Quarter FICA

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« Figuring Your Compensation: More Than Just Wages | Main | Schedule C-EZ: The Sole Proprietor Short-Form »

2007.02.01

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Comments

TP, I thought the threshold on paying taxes on contract income was something like $4000? Is this an incorrect assumption?

All contract income is taxable. You are allowed to deduct ordinary and necessary business expenses from contract income. In lieu of listing actual expenses, the IRS allows you to deduct the lesser of $5000 or your business expenses. This is not allowed for those with inventories, accrual-method taxpayers, home office deducters, or asset depreciators.

TP...I work as a contractor. I bill the company for my wages and they pay me a "perdiem" of $110 a day to cover travel expenses. However, my 1099 includes all $ received. Do I have to show it all as income? Shouldn't it only show my "wages"?

I receive Social Security and a pension from my employer...I have the chance to play in an oldies band that issues form 1099 to its members at the end of the year (the band is incorporated), but am afraid that if I receive one I'm going to have to reimburse Social Security alot of money that I can't afford to pay. Please advise whether I can/should do this or not. I'm 100% disabled, medically...and would be using my hobby to make only a few dollars per month doing this, not thousands like a rock star (far from it). Thanx

I work for a large non-profit, comprised of members from around North America. At our annual convention delegate/members will be recieving gifts valued at just north of $600. My quesiton is: does this gift giving trigger a 1099-misc reporting obligation? I would think not, since the gifts are not given to employees, nor contractors; are not in exchange for services, as compensaiton or bonuses, but are given freely to already existing members of the organizaiton. Any suggestion for what part of the code addresses this? Instrucitons for 1099-misc do not help much. -thank you, AB

I received a 1099 MISC and after calculating with Turbo Tax, it looks like the federal tax is north of 35% total! Is this correct?

I received a 1099 MISC and after calculating with Turbo Tax, it looks like the federal tax is north of 35% total! Is this correct?

I received a 1099-MISC from a business where I setup their computer network. Can I deduct expenses then like my internet? I can remotely access the fileserver I built over the net if they have future problems. I don't have a business but I do side work like this once in a while.

I received a 1099 Misc with nonemployee comp of $8,000.00. I do catering for private parties and drive to different locations for each party. Can I deduct 100% of the mileage from my house to each of these locations?

I have my employer's Tax ID Number, but can't get anyone there to send me another 1099 MISC to replace the one I lost. I filed a late extension for the 2007 taxes and need this to file. Any idea how I cn get one without the cooperation of my former employer?

I have my employer's Tax ID Number, but can't get anyone there to send me another 1099 MISC to replace the one I lost. I filed a late extension for the 2007 taxes and need this to file. Any idea how I cn get one without the cooperation of my former employer?

I was wondering what my tax bracket would be if I won prizes on a TV show totaling 55,894.00. I understand that I must fill out a 1099 MISC form, but I was wanting to know how much I was going to have to end up paying in 2009 for my 2008 State and Federal income taxes. Thanks!

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