Here Comes 2019!
New Limits and Rates for 2019
As we burn the midnight oil to complete all of our last minute year-end tax planning, we also look forward to 2019.
Each year many of the “standard” limits and rates provided as a part of our tax code are updated for inflation and other normal increases. To help in your 2019 organizing, please remember to take into account some of these new rates and limits:
|
Tax Provision |
Details |
2019 Limit |
2018 Limit |
| Mileage Rates | Standard Business Mileage Rate |
58 cents |
54.5 cents |
| Charitable Mileage Rate |
14 cents |
14 cents |
|
| Medical Mileage Rate |
20 cents |
18 cents |
|
| Per Diem Travel | Non High-cost Areas |
195 |
191 |
| Standard Deduction | Single |
12,200 |
12,000 |
| Married Filing Jointly |
24,400 |
24,000 |
|
| Personal Exemption |
0 |
0 |
|
| IRA/Roth Contributions | Maximum Contribution |
6,000 |
5,500 |
| IRA Income Limits | MJS maximum MAGI for deductible contribution if covered by another retirement plan |
122,000 |
121,000 |
| Roth Income Limits | MJS maximum MAGI for direct contribution |
203,000 |
199,000 |
| Catch-up Contributions |
1,000 |
1,000 |
|
| SIMPLE IRA | Deferral Limit |
13,000 |
12,500 |
| 401(k), 403(b), & 457 | Elective Deferral Limit |
19,000 |
18,500 |
| Catch-up Contributions |
6,000 |
6,000 |
|
| Social Security | Social Security Taxable Wage Base |
132,900 |
128,400 |
| Estate Tax | Exclusion Amount |
11,400,000 |
11,180,000 |
| Gift Tax | Exclusion Amount |
15,000 |
14,000 |
| Section 179 | Expense Limit |
1,020,000 |
1,000,000 |
| Section 179 | Expensing Asset Limit |
2,550,000 |
2,500,000 |
| Qualified Business Income | MFJ income limit |
321,400 |
315,000 |
| HSA – Single
HSA – Married HSA – Catch up amount |
Health Savings Account contribution Limits
|
3,500 7,000 1,000 |
3,450 6,900 1,000 |
| FSA – Single
FSA – Married |
Dependent Care contribution Limits
|
2,700 5,000 |
2,650 5,000 |
These are just a few of the things that have changed to make note of as we move into 2019. However, there is still plenty of time to make some moves to help for 2018 so don’t miss the opportunity. Ask our team at RPB what you can do, and let us see how we can help to better plan for the future.
