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Tax Compliance

Many complaints about dealing with IRS can be directly linked to the complexity of the IRS Tax Code and the confusion caused by it. Our tax professionals stay current on the ever changing laws and regulations so you have one less thing to worry about. We can help you stay in good standing with the IRS, assist you in resolving any tax issues that may have been building for years or any situation in between. We aim to get you in the best tax position possible.

2016 At A Glance

Personal Exemption $4,050


Phaseout of personal exemptions
and itemized deductions stats (AGI)

MFJ $311,300
HH $285,350
Single $259,400
MFS $155,650


Standard Mileage rate

business use $0.54
medical & moving $0.19
charitable $0.14


Taxable wage base

Social Security tax $118,500
medicare no limit


Social Security earnings limit

Age 62 to 66 $15,720
Turn age 66 in 2014 $41,880
Age 66 and older no limit


2014 contribution limits

401(k)s $18,000
additional catch-up amount $6,000
IRAs $5,500
additional catch-up amount $1,000
SIMPLEs $12,500
additional catch-up amount $3,000


Automatic exemption from
federal estate tax
$5,450,000


2016 Tax Year Brackets

 

Tax Rate Single Married/Joint
& Widow(er)
Married/Separate Head of Household
10% $1 - $9,275 $1 - $18,550 $1 - $9,275 $1 - $13,250
15% $9,276-$37,650 $18,551 to $75,300 $9,276 to $37,650 $13,251 to $50,400
25% $37,651 to $91,150 $75,301 to $151,900 $37,651 to $75,950 $50,401 to $130,150
28% $91,151 to $190,150 $151,901 to $231,450 $75,951 to $115,725 $130,151 to $210,800
33% $190,151 to $413,350 $231,451 to $413,350 $115,726 to $206,675 $210,801 to $413,350
35% $413,351 to $415,050 $413,351 to $466,950 $206,676 to $233,475 $413,351 to $441,000
39.6% over $415,050 over $466,950 over $233,475 over $441,000

 

Contact US


Gamble Richardson CPA PC
132 E Main St.
Crawfordsville, IN 47933
765-362-1040