2013 Updates

Section 179 equipment deduction $500,000
Simple IRA $12,000 Age 50 Catch up $2,500
401k $17,500 Age 50 Catch up $5,500
Traditional/Roth IRA limit $5,500 – Age 50 Catch up $1,000
ROTH IRA phase-out $178,000 MFJ
$112,000 S / HOH
Health Savings Account limit $6,450 married, $3,250 single Age 55 Catch up $1,000
Profit Sharing/SEP-IRA limit $51,000
Annual Comp Limit Pensions $255,000
Social Security Wage limit $113,700
Gift Tax Exclusion $14,000
Arizona Minimum Wage $7.80 hourly
Standard Deduction $12,200 married, $6,100 single, $8,950 head of household
Personal Exemption $3,900
Business Auto Mileage Rate 56.5 cents a mile