Tax Facts
| Social Security | 2012 | 2011 | 2010 |
| Maximum Taxable Social Security Earnings | 110,100 | 106,800 | 106,800 |
| Earnings Ceiling for Social Security: | |||
| Below Full Retirement Age (FRA) | 14,640 | 14,160 | 14,160 |
| Year FRA Reached | 38,880 | 37,680 | 37,680 |
| Full Retirement Age | Unlimited | Unlimited | Unlimited |
| Standard Auto Mileage Allowance | 2012 | 2011 | 2010 |
| Business | 0.555 | .51/.555* | 0.5 |
| Charity Work | 0.14 | 0.14 | 0.14 |
| Medical | 0.23 | .19/.235* | 0.165 |
| * pre/post 6/30 |
| “Depreciation” Deduction | 2012 | 2011 | 2010 |
| Section 179 “Depreciation” Deduction | 139,000 | 500,000 | 500,000 |
| Estate and Gift Tax | 2012 | 2011 | 2010 |
| Annual gift tax exclusion | 13,000 | 13,000 | 13,000 |
| Unified Credit equivalent – Estate Tax | 5,120,000 | 5,000,000 | 5,000,000 |
| Unified Credit equivalent – Gift Tax | 5,120,000 | 5,000,000 | 5,000,000 |
| Retirement Plans | 2012 | 2011 | 2010 |
| IRAs | 5,000 | 5,000 | 5,000 |
| IRAs (age 50 or over) | 6,000 | 6,000 | 6,000 |
| SIMPLE IRAs | 11,500 | 11,500 | 11,500 |
| SIMPLE IRAs (age 50 or over) | 14,000 | 14,000 | 14,000 |
| 401(k) salary deferral | 17,000 | 16,500 | 16,500 |
| 401(k) salary deferral (age 50 or over) | 22,500 | 22,000 | 22,000 |
| Defined Contribution plans deductible limit | 50,000 | 49,000 | 49,000 |
| Annual Compensation limit | 250,000 | 245,000 | 245,000 |