Standard Deductions 2016 2017
  Joint Or Qualifying Widow(er) $12,600 $12,700
  Single $6,300 $6,350
  Head Of Household $9,300 $9,350
  Married Filing Separately $6,300 $6,350
  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 $4,050 $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

$311,300

$313,800

  Single

$259,400

$261.500

  Head Of Household

$285,350

$287,650

  Married Filing Separately

$155,650

$156,900




FICA/SE Tax Information

  FICA/SE Taxable Maximum Earnings $118,500 $127,200

  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      $0.54 $0.535
   Charity Work $0.14 $0.14
   Medical/Moving $0.19 $0.17



Earnings Ceiling For Social Security

   Below Age 65 $15,720 $16,920
   Full Retirement Age Unlimited Unlimited



Federal Minimum Wage           $7.25 $7.25



Ohio Minimum Wage $8.10 $8.15
 

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