Call for an appointment:812-385-5834
B.B. Byers, CPA


401(k) maximum employee         $18,500 if under age 50

contribution limit                        $24,500 if 50 or older       


Estate tax exemption                      $11,180,000


Annual Exclusion for Gifts               $15,000

Education

2018 Tax Rates


American Opportunity Credit(Hope)                      $2,500


Lifetime Learning Credit                                            $2,000


Student Loan Interest Deduction                            $2,500


Coverdell Education Savings Contribution           $2,000

Miscellaneous

2018 Tax Rates




Business expensing limit:

Cap on equipment purchases                $2,500,000


Business expensing limit:

New and Used Equipment and

Software                                                   $1,000,000


Prior-year safe harbor for estimated

taxes of higher income                            110% of

                                                       your 2018 tax liability

                                                                

Standard mileage rate:

     Business driving                                   54.5 cents

     Medical/Moving driving                      18 cents

     Charitable Driving                                 14 cents


Child Tax Credit                                        $2,000


Unearned income maximum for children under

19 before kiddie tax applies                    $1,050


Capital gains tax rate for unrecaptured

Sec. 1250 gains                                              25%


Capital gains tax rate on collectibles           28%


Maximum contribution for

Traditional/Roth IRA             $5,500 if under age 50

                                                $6,500 if 50 or older


Maximum employee contribution to

SIMPLE IRA                            $12,500 if under age 50

                                               $15,500 if 50 or older


Maximum Contribution to SEP IRA    25% of eligible

                                                           compensation up to

                                                                        $55,000

Standard Meal Rates

for Family Child Care Providers

for 2018 income tax returns


For each breakfast                                                    $1.31


For each lunch or supper                                        $2.46


for each snack (up to 3 per day for each child)     $0.73


                        Alaska                                  Hawaii


​breakfast                 2.09                                         1.53


​lunch or supper      3.99                                        2.88


​Each snack (up to    1.19                                       0.86

3 per day for

each child