Detailed below are a number of tax tips

• Mileage rates for 2009 are 55 cents for business, a log book or other documentation is required.

• Social Security wage limit is $106,880 at 6.2% for a total of  $6,621.60

• Illinois Minimum Wage- July 1, 2009 it is $ 8.00

  • 2009 401K Maximum contribution is $16,500, with an additional $ 5,500 for those over age 50
    
    
• IRA Contribution maximum for 2009 is $ 5,000, with a $ 1,000 catch up for those over age 50
• ROTH IRA- contribution limits are $ 5,000, with phase out’s based on income and marital status
  
  
• Contact Us with specific questions.