Misc: IRS mileage rate, retirement limits, IRA limits, Sec 179 , FICA, Gifts

The standard IRS mileage rate for business auto use in 2011 is 51 cents/mile for January - June, 55.5 cents beginning in July. 

Maximum 401-K contributions in 2011 is $16,500, in 2012 $17,000, with an extra $5,000 catch-up contribution is allowed if over age 50.

Maximum IRA contributions for 2011 is $5,000. Additional catch-up contributions of $1000 are allowed for those age 50 and over.

Maximum pension or profit-sharing in 2011 is $49,000.  In 2012 $50,000 with qualifying compensation increasing from $245,000 to $250,000.

The Section 179 election to expense equipment purchases is $500,000 In 2011.  In 2012 this limit drops to $139,000 and is subject to reductions if total additions exceed $850,000.

FICA wage limit in 2011 is $106,800 and in 2012 increases to $110,100.

Annual gift tax exclusion in 2011 and 2012 is $13,000. 

Estate and gift tax lifetime exclusion is increased to $5,120,000 in 2012.  Without congressional action in 2013 the exclusion will revert back to a $1,000,000 amount.  Depending on the outcome of the 2012 elections, you may want to take advantage of this increased gifting level before the end of 2012.