Standard Deductions 2015 2016
  Joint Or Qualifying Widow(er) $12,600 $12,600
  Single $6,300 $6,300
  Head Of Household $9,250 $9,300
  Married Filing Separately $6,300 $6,300
  Additional For Elderly/Blind Married $1,250 $1,250
  Additional For Elderly/Blind Unmarried $1,550 $1,550
  Taxpayer Claimed As Dependent (with    
      only unearned income)
$1,050 $1,050
Personal/Dependent Exemption $4,000 $4,050
Unearned Income Without Kiddie Tax $2,100 $2,100
Beginning of Personal Exemption and Itemized Deductions Phaseout Range - Based  On AGI
  Joint or Surviving Spouse

$309,500

$311,300

  Single

$258,250

$259,400

  Head Of Household

$284,050

$285,350

  Married Filing Separately

$154,950

$155,650

FICA/SE Tax Information
  FICA/SE Taxable Maximum Earnings $118,500 $118,500

  FICA Tax Rate (Employee)

6.2% 6.2%
  SE Tax Rate 12.4% 12.4%
Medicare/SE Tax Information

  Taxable Maximum Earnings

Unlimited Unlimited
  Medicare Tax Rate (Employee) 1.45% 1.45%
  SE Tax Rate 2.90% 2.90%
Auto Standard Mileage Allowances
   Business      $0.575 $0.54
   Charity Work $0.14 $0.14
   Medical/Moving $0.23 $0.19
Earnings Ceiling For Social Security
   Below Age 65 $15,720 $15,720
   Full Retirement Age Unlimited Unlimited
Federal Minimum Wage           $7.25 $7.25
Ohio Minimum Wage $8.10 $8.10
 
IRC Section 179 Expense
Election
$500,000 $500,000

RECORD RETENTION GUIDELINES

RECORDS RETENTION PERIODS
Tax Returns Permanent
Tax Return Supporting Documentation *6 years
Tax and Legal Correspondence Permanent
Audit Reports Permanent
Financial Statements Permanent
General Ledger and Journals *6 years
Depreciation Schedules Life of Asset, Plus 3 Years
Inventory Records *3 Years
LIFO Inventory Records Permanent
Daily Sales Records *3 Years
Paid Vendor Invoices *3 Years
Bank Statements, Deposit Slips,
  Cancelled Checks
*6 Years
Payroll Records *5 Years
Contracts and Leases Permanent
Real Estate Records Permanent
Corporate Stock
  Records, Charter &
  By-laws
Permanent
Minutes of meetings Life of Company

*From tax return due date or filing date, plus any amended returns, whichever is later