Quick Facts

  • Federal standard mileage rate - business miles : 55¢ per mile (2009) / 50¢ per mile (2010)
  • Federal standard mileage rate – charitable miles : 14¢ per mile (2009) / 14¢ per mile (2010)
  • Federal standard mileage rate –medical and moving miles: 24¢ per mile (2009) / 16.5¢ per mile (2010)
  • Maximum federal long-term (one year or longer) capital gain tax rate : 15% (2009 and 2010), but schedule to rise to 20% for 2011
  • Indiana individual income tax rate : 3.4%
  • Wayne county resident individual income tax rate : 1.5%
  • Fayette county resident individual income tax rate : 2.37%
  • Union county resident individual income tax rate : 1.5%
  • Franklin county resident individual income tax rate : 1.25%
  • Henry county resident individual income tax rate : 1.25%
  • §179 Depreciation expense limit : $250,000 per year (where total asset purchases < $800,000) for 2009 / $134,000 per year (total assets < $530,000) for 2010
  • Individual retirement account (IRA) limit : $5,000 per year (plus $1,000 if age 50 or older) for 2009 and 2010
  • 401(k) employee contribution limit : $16,500 per year (plus $5,500 if age 50 or older) for 2009 and 2010
  • Social Security earnings limit : $14,160 if under “full retirement age” for 2009 and 2010
  • Social Security earnings limit : $36,600 if reached “full retirement age” for 2009 and $37,680 for 2010
  • Federal annual gift exclusion amount : $13,000 per year for 2009 and 2010
  • Federal estate tax exemption amount : $3,500,000 (spouses 100% exempt) for 2009.  The federal estate tax has been repealed for 2010, but is currently being debated in Congress and will likely be amended in the coming months.  Check back with us for updates.
  • Indiana estate tax exemption amount : $100,000 for parents, children, grandparents, grandchildren and other lineal descendents (spouses 100% exempt)
  • Indiana estate tax exemption amount : $500 for brothers, sisters, lineal descendents of brothers of brothers or sisters, daughters-in-law and sons-in-law
  • Indiana estate tax exemption amount : $100 for all others not previously listed