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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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« Kiddie Tax: The Only Goat Is Your Parents | Main | Unreimbursed Employee Business Expenses: What Do You Mean I Have to Pay for That? »

2006.10.09

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