Holding Period

2018


$5,500
$18,500
$18,500
$12,500
$18,500

$55,000
$220,000

$120,000



$19,050
$77,400
$165,000
$315,000

$400,000
$600,000
above



10%
12%
22%
24%

32%
35%
37%

Corporations



$9,525
$38,700
$82,500
$157,500

$200,000
$500,000
above

*This will be phased out by 2% for higher income filers

2017



$127,200


no limit




0.9%

0.9%


0.9%




$13,360
$51,800
$82,500
$157,500

$200,000
$500,000
above

2018


$11,180,000
N/A

40%


Married Filing Jointly                                        $189,000 - $199,000

Single, Head of Household                             $120,000 - $135,000

Married Filing Separately                                           $0  -   $10,000





$6,000
$3,000
$1,000

Type of Plan

If Taxable Income Is Between:

Single, Head of Household

                                                     MAGI                               Deduction

Not covered by qualified         Any Amount                    Full Deduction 

retirement plan:


Covered by qualified                $63,000 or less                Full Deduction

retirement plan:                       $63,001 - $72,999           Partial Deduction

                                                   $73,000 or more             No deduction                                                         

                                                        

Married Filing Jointly


Neither spouse covered           Any Amount                   Full Deduction

by qualified retirement

plan: 


Both spouses covered by        $101,000 or less               Full Deduction

qualified retirement plan:       $101,001 - $120,999        Partial Deduction

                                                   $121,000 or more            No Deduction


One spouse covered - for        $101,000 or less               Full Deduction

covered spouse:                       $101,001 - $120,999        Partial Deduction

                                                   $121,000 or more            No Deduction


One spouse covered - for        $189,000 or less             Full Deduction 

non-covered spouse:               $189,001 - $198,999      Partial Deduction

                                                   $199,000 or more           No Deduction

401(k) type plans

SIMPLE's

IRA's

2018



$128,400


no limit




0.9%

0.9%


0.9%


Deduction for each taxpayer

spouse and dependent.



2017


$12,700
$6,350
$9,350
$6,350

$1,550
$1,200


2017


$5,500
$18,000
$18,000
$12,500
$18,000


$54,000
$215,000


$120,000

Lifetime gift tax exemption

Annual gift tax exclusion

  Gifts per person

  Joint gifts by spouse

Top gift tax rate


TAX FACTS

Single

2018


.545
.14
.18

2017


$4, 050*



$0

$9,526

$38,701

$82,501

$157,501

$200,001

$300,001


Here at Lamfers & Maas, LLP, we are dedicated to you and all your different accounting needs.



 



$0

$19,051

$77,401

$165,001

$315,001

$400,001

$600,001

ESTATE AND GIFT TAXES

Business

Charitable

Medical & Moving


All numbers are in cents per mile.

Modified AGI (MAGI) phaseout ranges for ROTH contributions:

Estate Tax

Use

2017


.535
.14
.17

2018 CORPORATE INCOME TAX RATES



$0

$9,326

$38,701

$82,501

$157,501

$200,201

$500,001

PERSONAL EXEMPTIONS



10%
12%
22%
24%

32%
35%
37%











2018


$24,000
$12,000
$18,000
$12,000

$1,600
$1,300



-

-

-

-

-

-

&

2017


$5,490,000
     N/A

40%


MFJ

Single

Head of Household

MFS

Additional Blind or Elderly

Single

Married

2018 ROTH IRA CONTRIBUTION PHASEOUTS



$0

$13,361

$51,801

$82,501

$157,501

$200,001

$500,001

STANDARD DEDUCTION

If Taxable Income Is Between:

Age 50 and over additional

contributions:



$9,525
$38,700
$82,500
$157,500

$200,000
$300,000
above

If Taxable Income Is Between:

STANDARD MILEAGE RATES

2017


$5,490,000


$14,000
$28,000

40%


2018


$0





















2017


39.6%
20%
25%
28%



20%
15%
 0%


3.8%

2017 TRADITIONAL IRA DEDUCTIBILITY



$6,000
$3,000
$1,000

605.332.8500

Top Capital Gains Rates

Estate tax exemption

Applicable credit amount


Top Estate Tax Rate

Married Filing Joint

Gift Tax

2018


$11,180,000

$15,000

$30,000
40%














-

-

-

-

-

-

&

Accountant Sioux Falls



10%
12%
22%
24%

32%
35%
37%

IRA's

Section 401(k)

Section 403(b)

Section 408(p)(2)(E) Simple

Section 457(b)(2) limit

Section 415 limit for:

  Defined contribution plans

  Defined benefit plans

Highly compensated employees:

Section 414(q)

Head of Household

2018 INDIVIDUAL INCOME TAX RATES

CAPITAL GAINS – 2017 & 2018



12 months or less
More than 12 months
Depreciation recapture on real estate
Collectibles and certain small bus. stock
Qualified Dividend Income

   Filers in top tax bracket

   Filers in middle tax brackets

   Filers in lowest two tax brackets

Medicare surtax on investment income for higher-income filers



-

-

-

-

-

-

&



10%
12%
22%
24%

32%
35%
37%

If Taxable Income Is Between:

RETIREMENT PLANS



-

-

-

-

-

-

&

PAYROLL TAXES

FICA taxable wage base
  Social security 6.2% for employees
  and employers
Medicare 1.45% for employees and
  employers
Additional Medicare employee portion for employees:  

   Single paid in excess of $200,000
   Married filing joint paid in excess of
   $250,000
   Married filing separately paid in
   excess of $125,000

All income levels are taxed at 21%

Sioux Falls Accountant

Married Filing Separately

2018


37%
20%
25%
28%



20%
15%
 0%


3.8%