Tax rates and information

Individual Deductions and Credits
	2010	2011
Federal Information
Std Deduction, Joint / Surviving Spouse	$11,400	$11,600
Std Deduction, Head of Household	$8,400	$8,500
Std Deduction, Single	$5,700	$5,800
Std Deduction, Married Filing Separate	$5,700	$5,800
Dependents	$950	$950
Personal exemptions	$3,650	$3,700
Additional Standard Deduction For Blindness or Age, Single	$1,400	$1,450
Additional Standard Ded. For Blindness or Age, Married	$1,100	$1,150
Maximum Child Tax Credit (Under age 17)	$1,000	$1,000
Hope Education Credit (100% of the first $2,000 expenses and 25% [$500] of next $2,000) *	$2,500	$2.500
Lifetime Education Credit (20% of expenses up to max of..) *	$2,000	$2,000
Higher Education Expense Deduction	$4,000	$4,000
Traditional and Roth IRA Contribution Limit	$5,000	$5,000
Traditional and Roth IRA Catch-Up Contrib. (Over age 50)	$1,000	$1,000
Charitable Mileage Rate	$ 0.14	$ 0.14
Medical / Moving Mileage Rate	$.165	$ 0.19
Business Deductions and Credits
	2010	2011
Section 179 deduction maximum	$500,000	$500,000
Standard Mileage Rate	$0.50	$0.51
Self-Employed Health Insurance Deduction	100%	100%
SEP Contribution limits (25%)	$49,000	$49,000
401(k), 403(b), 457 and SAR-SEP Deferral Contributions	$16,500	$16,500
Catch-Up Contributions (401(k), 403(b), 457 and SAR-SEP Deferral Contributions)	$5,500	$5,500
SIMPLE IRA/401(k) Plan Deferrals	$11,500	$11,500
SIMPLE Catch-Up Contributions	$2,500	$2,500

Click below for Useful Forms, Guides, and Links

Federal W-4 (Employees Withholding Allowance Certificate) (pdf format)

Iowa W-4 (Employees Withholding Allowance Certificate) (pdf format)

Circular A, Agricultural Employer's Tax Guide (pdf format)

Circular E, Employers Tax Guide (pdf format)

Internal Revenue Service

Iowa Department of Revenue

Iowa Sales and Use Tax Information

U.S. Social Security Administration

Click below for Newsletters

Newsletter 2008 Newsletter 2009 June Newsletter 2009 November Newsletter 2010 July Newsletter 2011 January

Jim Gage & Co., C.P.A.'s L.L.P. provides the information on this website as a service to our clients and the public. We make no warranties, express or implied, as to the accuracy of information presented on this page. While the information on this page is updated regularly, it may not reflect the most current position on a specific issue and should not be relied on for that purpose. As always, official sources and publications should be consulted for the most current rules and regulations.