With each new year, many aspects of the IRS tax code is adjusted for inflation. Inflation is very low right now, and for the first time since I can remember many of tax code amounts are holding steady from 2009 to 2010.
The FICA max remains steady at 106,800. [Link]
401K maximum contribution amount remains at 16,500 and the catch-up max remains at 5,500 [Link]
IRA Contribution limits remain at 5,000 and 1,000 for catch-up participants. [Link]
Subscribe to:
Post Comments (Atom)
Disclaimer
The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
0 Response to "Inflations affects upon our tax code"
Post a Comment