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Tax Rates |
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YEAR 2010/2009 STANDARD MILEAGE RATES |
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The standard mileage rate is available to both employees and self-employed persons in computing deductions for car expenses. A taxpayer may use the standard mileage rate per mile as a deduction rather than keeping tract of actual vehicle expenses.
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E-Mail brent@hallidaycpa.com |
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2009 |
2010 |
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Business |
55 cents |
50.5cents |
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Charitable |
14 cents |
14 cents |
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Medical/Moving |
24 cents |
16.5 cents |
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Exemptions |
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2009 |
2010 |
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$3,650 |
$3,650 |
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SSA Wage base |
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$106,800 |
$106,800 |
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SMR-Bus |
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55 |
50 |
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Moving/Med |
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24 |
16.5 |
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Charity |
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14 |
14 |
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Gift Tax Exclusion |
$13,000 |
$13,000 |
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SCH A PHASE OUT 1% |
2009 |
2010 |
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All returns |
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$166,800 |
NA |
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AGI greater than the above are times by 1% and |
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reduce total itemized deductions, reduction can't be |
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greater than 80% of allowable deductions. |
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Complete |
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EXEMPTION PHASE OUT |
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Phase-out |
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Single |
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$166,800 |
$166,800 |
$289,300 |
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Joint |
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$250,200 |
$250,200 |
$372,700 |
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Head of household |
$208,500 |
$208,500 |
$331,000 |
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Married filing separate |
$125,100 |
$125,100 |
$186,350 |
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Exemption is reduced by .67% for each $2,500 or |
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fraction thereof by which AGI exceeds the threshold |
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amount. |
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STANDARD DEDUCTION 2009 |
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>65 |
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Married filing jointly/surviving spouse |
$11,400 |
$1,100 |
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Married filing separately |
$5,700 |
$1,100 |
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Head of household |
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$8,350 |
$1,400 |
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Single |
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$5,700 |
$1,400 |
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STANDARD DEDUCTION 2010 |
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>65 |
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Married filing jointly/surviving spouse |
$11,400 |
$1,100 |
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Married filing separately |
$5,700 |
$1,100 |
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Head of household |
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$8,350 |
$1,400 |
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Single |
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$5,700 |
$1,400 |