2018 and 2019 Rates and Limits

Standard Mileage Rates
Business 58¢ per mile driven for business for 2019 (54.5¢ for 2018)
Charitable 14¢ per mile driven for charitable work for 2019 (14¢ for 2018)
Medical 20¢ per mile driven for medical for 2019 (18¢ for 2018)
How much can I put in my Individual Retirement Account (Roth or Traditional)?
2019 $6,000 ($7,000 if age 50 or older)
2018 $5,500 ($6,500 if age 50 or older)
If I participate in my employer's plan at work, can I make a fully deductible contribution to my traditional IRA?
2019 YES if your adjusted gross income is $103,000 or less for married filing jointly or $64,000 for single and head of household.
2018 YES if your adjusted gross income is $101,000 or less for married filing jointly or $63,000 for single and head of household.
Note You can still make a non-deductible contribution to your IRA which provides tax-deferred savings and will be deducted when you withdraw it.
Can my spouse who is not covered by a plan make a fully deductible contribution to a traditional IRA even if I am covered?
2019 YES if your adjusted gross income is $193,000 or less.
2018 YES if your adjusted gross income is $189,000 or less.
What are the income limits for contributing to a Roth IRA?
2019 Adjusted gross income of $193,000 for married filing jointly; $122,000 for single or head of household.
2018 Adjusted gross income of $189,000 for married filing jointly; $120,000 for single or head of household.
Note there is no income limit for converting a traditional IRA to a Roth IRA.
How much can I put in my retirement plan at work?
401k Plans 2019 – $19,000 ($25,000 if age 50 or older)
401k Plans 2018 – $18,500 ($24,500 if age 50 or older)
SIMPLE Plans 2019 – $13,000 ($16,000 if age 50 or older)
SIMPLE Plans 2018 – $12,500 ($15,500 if age 50 or older)
What is the annual exclusion for gift taxes?
2019 $15,000
2018 $15,000