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.

Brad Voght is the tax partner at Reilly, Penner & Benton, LLP, a public accounting firm and trusted adviser specializing in business and personal tax matters as well as in not-for-profit work, school organizations as well as government and municipal agency work. The firm also provides ERISA audit services to publicly held entities throughout the country. A PCAOB registered firm, Reilly, Penner & Benton CPAs also known as RPB CPAs, has served closely held businesses and has provided tax preparation and advice, financial statement audits, reviews and compilations, employee benefit plan audits, bookkeeping services, business valuations, fraud prevention and consulting services since 1907.
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