Accounting Tips & New Tax Laws

Year 2010 Tax Facts
Last Updated: 02/15/2010
(Tax changes after this date will not be reflected below)

Section 179 accelerated depreciation expense limit is $135,000.00

Standard mileage rate for business is 50 cents for 2010.

Social Security wage limit base is $106,800.00

The 2010 Simple IRA maximum contribution is $11,500.00, if 50 or older it is $14,000.00. Establish your Simple IRA by October 1st if you are the business owner to activate the plan this year.

Regular and Roth IRA contribution limits are now $5,000.00, if 50 or older it is $6,000.00

Coverdell education savings accounts, maximum contribution is $2,000.00 and can be funded up to April 15 (filing day) for the previous year. These savings accounts can be used for college and/or K- 12 schooling.

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Ask us about the following tax credits

Education Credits
Child Care Credits
Earned Income Credits

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Investing in your future.
Ask yourself the following questions . . .

Your business may be your most valuable asset, will you be able to sell your business or draw a salary from it when you are ready to retire?

When do you plan to retire?

What is the best retirement plan for you and your business?

Are you fully funding your retirement plan?

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Manning & Company, PC • 1860 W. Littleton Blvd., Littleton, CO 80120 • 800.535.8829

Copyright ©2006 Manning & Company, PC. All rights reserved.



		Year 2010 Tax Facts Last Updated: 02/15/2010 (Tax changes after this date will not be reflected below) Section 179 accelerated depreciation expense limit is $135,000.00 Standard mileage rate for business is 50 cents for 2010. Social Security wage limit base is $106,800.00 The 2010 Simple IRA maximum contribution is $11,500.00, if 50 or older it is $14,000.00. Establish your Simple IRA by October 1st if you are the business owner to activate the plan this year. Regular and Roth IRA contribution limits are now $5,000.00, if 50 or older it is $6,000.00 Coverdell education savings accounts, maximum contribution is $2,000.00 and can be funded up to April 15 (filing day) for the previous year. These savings accounts can be used for college and/or K- 12 schooling. ––––––––––––––––––––––––––– Ask us about the following tax credits Education Credits Child Care Credits Earned Income Credits ––––––––––––––––––––––––––– Investing in your future. Ask yourself the following questions . . . Your business may be your most valuable asset, will you be able to sell your business or draw a salary from it when you are ready to retire? When do you plan to retire? What is the best retirement plan for you and your business? Are you fully funding your retirement plan?

	\| HOME \| Colorado CPA Certificate & Firm Registration \| Privacy Policy \| Legal Notices \| Webmistress Contact \| Manning & Company, PC • 1860 W. Littleton Blvd., Littleton, CO 80120 • 800.535.8829 Copyright ©2006 Manning & Company, PC. All rights reserved.