FAQs

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faq

  1. What are the Standard Deduction amounts for 2018?

    • Married Filing Joint - $24,000
    • Head of Household - $18,000
    • Single / Married Filing Separately - $12,000
  2. What is the Personal Exemption amount for 2018?

    • The new tax law eliminated all personal exemptions.
  3. What is the maximum Section 179 deduction for 2018?

    • $1 million - and the deduction is limited for total fixed asset purchases over $2.5 million
  4. What is the bonus depreciation percentage for 2018?

    • 100% of qualified new and used assets (In prior years, bonus was only allowed for 50% of NEW assets.)
  5. What are the standard mileage rates for 2018?

    • Business - 54.5 cents per mile
    • Charitable - 14 cents per mile
    • Medical / Moving - 18 cents per mile
  6. What is the gift tax exclusion for 2018?

    • $15,000
  7. Do I have to run my bonus checks to employees through payroll?

    • Yes, the IRS requires you to run all bonus checks through your payroll system. If you did not do this and are not sure what to do, give us a call, and we will help you fix it.
  8. How much earned income may I make in 2018 before I affect my social security payment amount?

    • All earned income below $17,040 will not affect your payment amount.
    • If you are under full retirement age, all earned income over $17,040 will reduce your social security benefit $1 for every $2 earned.
    • In the year you reach full retirement age, all earned income over $45,360 will reduce your social security benefit $1 for every $3.
    • After you reach full retirement age, your social security payments will not be reduced by your earned income, no matter how much money you make.
    • (see: Retirement Planner: Getting Benefits While Working)