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| ~ Keep track of you mileage for work you do for Charity. It is worth 14.5 cents per mile for those that itemize. (See mileage tab for additional rates) ~ If completing your own taxes please do not forget to increase your standard deduction relating to your real estate taxes you may have paid. (New for 2008) ~ Retirement Plan Contribution Limits (Maximize when ever possible) | | IRA'S | IRA'S Catchup Over 50 | SIMPLE | SIMPLE Catchup Over 50 | 457 | 401k 403B SEP | Defined Contribution Plan | Defined Benefit Plan | Compensation Limit | Profit Sharing | 2006 | $4,000 | $5,000 | $10,000 | $12,500 | $15,000 | $15,000 | $44,000 | $175,000 | $220,000 | 25% | | 2007 | $4,000 | $5,000 | $10,500 | $13,000 | $15,500 | $15,500 | $45,000 | $180,000 | $225,000 | 25% | 2008 | $5,000 | $6,000 | $10,500 | $13,000 | $15,500 | $15,500 | $46,000 | $185,000 | $230,000 | 25% | 2009 | $5,000 | $6,000 | $11,500 | $14,000 | $16,500 | $16,500 | $49,000 | $195,000 | $245,000 | 25% | 2010 | $5,000 | $6,000 | $11,500 | $14,000 | $16,500 | $16,500 | $49,000 | $195,000 | $245,000 | 25% |
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