Find your 2011 tax bracket at www.irs.gov/pub/irs-pdf/i1040tt.pdf
If your tax bracket will be higher in 2011, consider bunching deductible expenses into 2011 and deferring income into 2012.
IRS standard mileage rates for 2011 have been posted:
-business rate is 51 cents per mile for the first six months of 2011, 55.5
cents per mile for the last six months of 2011.
-medical/moving rate is 19 cents per mile for the first six months of 2011,
23.5 cents per mile for the last six months of 2011.
-charitable rate is 14 cents per mile for the entire year.
For 2011 and 2012, the social security tax withheld for employees has been reduced to 4.2% from 6.2%. The social security tax is stopped when an employee's wages reach $106,800 for the calendar year.
For the 2012 calendar year, the social security tax base increases to $110,100 for each employee.
For 2012, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $16,500 to $17,000. The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.
The 2012 IRS standard mileage rates are as follows:
-business rate is 55.5 cents per mile.
-medical/moving rate is 23 cents per mile.
-charitable rate is 14 cents per mile.
Please note that the information on this website is generic. Consult with your tax advisor or governing agency if you have questions with your specific situation.
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