Quick Facts

  • Federal standard mileage rate - business miles : 51¢ per mile (1-1-2011 through 6-30-2011) / 55.5¢ per mile (2011)
  • Federal standard mileage rate – charitable miles : 14¢ per mile (2011)
  • Federal standard mileage rate –medical and moving miles: 19.0¢ per mile (1-1-2011 through 6-30-2011) / 23.5¢ per mile (7-1-2011 through 12-31-2011)
  • Maximum federal long-term (one year or longer) capital gain tax rate : 15% (through 2012)
  • 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 : $500,000 per year (where total asset purchases < $2,000,000) for 2011
  • Individual retirement account (IRA) limit : $5,000 per year (plus $1,000 if age 50 or older) for 2011
  • 401(k) employee contribution limit : $16,500 per year (plus $5,500 if age 50 or older) for 2011
  • Social Security earnings limit : $14,160 if under "full retirement age" for 2011
  • Social Security earnings limit : $37,680 if reached "full retirement age" for 2011
  • Federal annual gift exclusion amount : $13,000 per year for 2011
  • Federal estate tax exemption amount :$5,000,000 (spouses 100% exempt) for 2011. 
  • 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