| ~ Keep track of you mileage for work you do for Charity. It is worth 14 cents per mile for those that itemize. (See mileage tab for additional rates) ~ 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 | 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% | 2011 | $5,000 | $6,000 | $11,500 | $14,000 | $16,500 | $16,500 | $49,000 | $195,000 | $245,000 | 25% | 2012 | $5,000 | $6,000 | $11,500 | $14,000 | $17,000 | $17,000 | $50,000 | $200,000 | $250,000 | 25% |
* IRA's may be limited if you have a defined retirement plan at work. Please consult with us to know where your limits are. | |