Quick Facts

  • Federal standard mileage rate – business miles : 54.5¢ per mile (2018) / 53.5¢ per mile (2017)
  • Federal standard mileage rate – charitable miles :14¢ per mile (2018) / 14¢ per mile (2017)
  • Federal standard mileage rate – medical and moving miles: 18.0¢ per mile (2018) / 17.0¢ per mile (2017)
  • Maximum federal long-term (one year or longer) capital gain tax rate : 15% / 20% (20% when taxable income > $479,000 for married filing jointly or $425,800 for single; otherwise 15%)
  • Indiana individual income tax rate : 3.23% (2018) / 3.23% (2017)
  • Wayne county resident individual income tax rate : 1.50%
  • Fayette county resident individual income tax rate : 2.37%
  • Union county resident individual income tax rate : 1.75% (2018) / 1.50% (2017)
  • Franklin county resident individual income tax rate : 1.50% (2018) / 1.25% (2017)
  • Henry county resident individual income tax rate : 1.50% (2018) / 1.25% (2017)
  • §179 Depreciation expense limit : $1,000,000 per year (where total asset purchases do not exceed $2,500,000) for 2018
  • Individual retirement account (IRA) limit : $5,500 per year (2018) / $5,500 (2017) (plus $1,000 if age 50 or older)
  • 401(k) employee contribution limit : $18,500 per year (2018) / $18,000 (2017) (plus $6,000 if age 50 or older)
  • Social Security earnings limit : $17,040 if under “full retirement age” for 2018 and $16,920 for 2017
  • Social Security earnings limit : $45,360 in year reaching “full retirement age” for 2018 and $44,880 for 2017
  • Federal annual gift exclusion amount : $15,000 per year (2018) / $14,000 (2017)
  • Federal estate tax exemption amount : $11,180,000 (2018) / $5,490,000 (2017). Spousal transfers are 100% exempt. Unused exemption amounts are portable to surviving spouses.
  • Indiana estate taxes were repealed as of January 1, 2013.