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