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2015 KEY FACTS AND FIGURES

IRS OPTIONAL STANDARD MILEAGE RATES - 2013

IRS ANNOUNCEMENT 2012-95 (NOVEMBER 21, 2012)

This announcement informs taxpayers that the Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. The standard mileage rate for business is bassed on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on variable costs. The revised standard mileage rates effective as of January 1, 2013 are:

  1. Business 56.5 cents per mile
  2. Medical and Moving 24.0 cents per mile

The mileage rate that applies to the deduction for charitable contributions is fixed under ยง 170(i) of the Internal Revenue Code at 14 cents per mile.

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KEY 2013 U.S. INCOME & ESTATE PROVISIONS

New 39.6% income tax rate on taxable income over $400,000-single and over $450,000-joint.

New 20% long term capital gains tax rate on taxable income over $400,000-single and over $450,000-joint.

New personal exemption phase-out starting at AGI over $250,000-single and over $300,000-joint. (exemption amount is reduced by 2% for each $1,250/$2,500 over the applicable threshold level)

New 3.8% Medicare surtax on investment income on the lesser of net investment income or MAGI exceeding $200,000-single and $250,000-joint.

New additional 0.9% Medicare tax on compensation over $200,000-single and $250,000-joint.

The Estate tax rate increased from 35% to 40% and the individual exclusion for 2013 is $5,250,000 (adjusted annually for inflation). The annual Gift tax exclusion increased to $14,000 for 2013 from $13,000.