Some 2016 Updates (Retirement, Mileage Rates and Tax Extenders)

Retirement contribution limits remained unchanged;

 

  • 401(k) $18,000 plus $6,000 catch-up if you are over 50,
  • SIMPLE IRA $12,500 plus $3,000 and remain unchanged for
  • Traditional/Roth IRAs at $5,500 plus $1,000.

 

 

The 2016 mileage rates are:

 

  • 54 cents per business mile driven,
  • 19 cents per medical/moving mile driven and
  • 14 cents per charitable mile driven.

 

Other Tax Extenders: Congress passed a bill on December 18, 2015.

 

  • The Section 179 deduction limits were made permanent at $500,000 indexed for inflation and
  • Special depreciation on new asset purchases has been extended through December 31, 2019.
TUESDAY, JANUARY 19, 2016

Contact Information

Tel: (541)389-1970

info@mcgregor-caverhillcpa.com

Fax: (541)389-1976

354 SW Upper Terrace Drive
Suite 102
Bend, OR 97702