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Accounting and Tax Center, Inc.
P.O. Box 20683     Roanoke, Virginia 24018     (540) 774-7400
 

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Information current as of November 29, 2016


Before Proceeding, Please Note: The following is presented as a General Guideline only. Accounting and Tax Center, Inc. is not responsible for typographical errors (which do occur). You should consult your tax advisor before using any of the following information. Tax laws are subject to change at any time. Consult your tax advisor or call us for the latest information. Accounting and Tax Center, Inc., is providing this information to you for use as general guidance. Accounting and Tax Center, Inc., is not engaging in rendering any specific legal, tax, or accounting advice. Only a qualified tax professional with all the facts at his or her disposal can determine the appropriateness of the application of any law to a given set of facts and circumstances.

Donation Guides on the Internet





Contribution Limits for Traditional and Roth IRAs

Tax Year

Standard Limit
Younger Than Age 50

Catch-Up Contribution
Age 50 or Older

Contribution Limit
Age 50 or Older

2005

$4,000

$500

$4,500

2006

$4,000

$1,000

$5,000

2007

$4,000

$1,000

$5,000

2008

$5,000

$1,000

$6,000

2009

$5,000

$1,000

$6,000

2010

$5,000

$1,000

$6,000

2011

$5,000

$1,000

$6,000

2012

$5,000

$1,000

$6,000

2013

$5,500

$1,000

$6,500

2014

$5,500

$1,000

$6,500

2015

$5,500

$1,000

$6,500

2016

$5,500

$1,000

$6,500



Estate Tax Exclusion

Tax Year

Exclusion

Top Rate

2005

$1,500,000

47%

2006

$2,000,000

46%

2007

$2,000,000

45%

2008

$2,000,000

45%

2009

$3,500,000

45%

2010

$5,000,000

Special Rules

2011

$5,000,000

35%

2012

$5,120,000

35%

2013

$5,250,000

40%

2014

$5,340,000

40%

2015

$5,430,000

40%

2016

$5,450,000

40%

2017

$5,490,000

40%



Gifts - Annual Exclusion

Tax Year

Exclusion Amount

2005

$11,000

2006

$12,000

2007

$12,000

2008

$12,000

2009

$13,000

2010

$13,000

2011

$13,000

2012

$13,000

2013

$14,000

2014

$14,000

2015

$14,000

2016

$14,000



Standard Mileage Rates

CLICK for IRS Standard Mileage Rates.

Tax Year

Business

Charity

Medical/Moving

2006

44.5 cents

14.0 cents

18.0 cents

2007

48.5 cents

14.0 cents

20.0 cents

1/1/2008
to 6/30/2008


50.5 cents


14.0 cents


19.0 cents

7/1/2008
to 12/31/2008


58.5 cents


14.0 cents


27.0 cents

2009

55.0 cents

14.0 cents

24.0 cents

2010

50.0 cents

14.0 cents

16.5 cents

1/1/2011 to 6/30/2011


51.0 cents


14.0 cents


19.0 cents

7/1/2011 to 12/31/2011


55.5 cents


14.0 cents


23.5 cents

2012

55.5 cents

14.0 cents

23.0 cents

2013

56.5 cents

14.0 cents

24.0 cents

2014

56.0 cents

14.0 cents

23.5 cents

2015

57.5 cents

14.0 cents

23.0 cents

2016

54.0 cents

14.0 cents

19.0 cents

2017

53.5 cents

14.0 cents

17.0 cents



How Work Affects Your Social Security Benefits.

Social Security and Medicare Rates

Tax Year

S. S. Rate

Max. Base

Max. Tax

Medicare Rate

Max. Base/Tax

2006

6.20%

$94,200.00

$5,840.40

1.45%

No Limit

2007

6.20%

$97,500.00

$6,045.00

1.45%

No Limit

2008

6.20%

$102,000.00

$6,324.00

1.45%

No Limit

2009

6.20%

$106,800.00

$6,621.60

1.45%

No Limit

2010

6.20%

$106,800.00

$6,621.60

1.45%

No Limit

2011

4.20%

$106,800.00

$4,485.60

1.45%

No Limit

2012

4.20%

$110,100.00

$4,624.20

1.45%

No Limit

2013

6.20%

$113,700.00

$7,049.40

1.45%

No Limit

2014

6.20%

$117,000.00

$7,254.00

1.45%

No Limit

2015

6.20%

$118,500.00

$7,347.00

1.45%

No Limit

2016

6.20%

$118,500.00

$7,347.00

1.45%

No Limit



Standard Deduction and Personal Exemption

Tax Year

MFJ
QW

Single

HOH

MFS

Personal
Exemption

Child and
Dependent

2006

$10,300

$5,150

$7,550

$5,150

$3,300

$850

2007

$10,700

$5,350

$7,850

$5,350

$3,400

$850

2008

$10,900

$5,450

$8,000

$5,450

$3,500

$900

2009

$11,400

$5,700

$8,350

$5,700

$3,650

$950

2010

$11,400

$5,700

$8,400

$5,700

$3,650

$950

2011

$11,600

$5,800

$8,500

$5,800

$3,750

$950

2012

$11,900

$5,950

$8,700

$5,950

$3,800

$950

2013

$12,200

$6,100

$8,950

$6,100

$3,900

$1,000

2014

$12,400

$6,200

$9,100

$6,200

$3,950

$1,000

2015

$12,600

$6,300

$9,250

$6,300

$4,000

$1,050

2016

$12,600

$6,300

$9,300

$6,300

$4,050

$1,050



Kiddie Tax

Under the kiddie tax rules, part of a child's investment income might be subject to tax at the parent's highest marginal tax rate.
Please see: IRS Topic 553 - Tax on a Child's Investment Income.

Three Year Statute of Limitations (Generally):


Tax Year

Statute Expires

2003 - Filed on or before April 15, 2004

April 17, 2007

2004 - Filed on or before April 15, 2005

April 15, 2008

2005 - Filed on or before April 17, 2006

April 17, 2009

2006 - Filed on or before April 17, 2007

April 17, 2010

2007 - Filed on or before April 15, 2008

April 15, 2011

2008 - Filed on or before April 15, 2009

April 17, 2012

2009 - Filed on or before April 15, 2010

April 15, 2013

2010 - Filed on or before April 18, 2011

April 18, 2014

2011 - Filed on or before April 18, 2012

April 20, 2015

2012 - Filed on or before April 15, 2013

April 15, 2016

2013 - Filed on or before April 15, 2014

April 17, 2017

2014 - Filed on or before April 15, 2015

April 16, 2018

2015 - Filed on or before April 15, 2016

April 15, 2019

2016 - Filed on or before April 17, 2017

April 17, 2020



Local Tax Rates

Locality

Link

Town of Bedford

Town of Bedford

Bedford County

Bedford County

Botetourt County

Botetourt County

Craig County

Craig County

Franklin County

Franklin County

Giles County

Giles County

Montgomery County

Montgomery County

Roanoke City

Roanoke City

Roanoke County

Roanoke County

Salem City

Salem City

Vinton

Vinton

.



Blue Ridge Chapter
Virginia Society of Enrolled Agents

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