Tax Facts

Sioux Falls Taxes Accountants

Here at Lamfers & Maas, LLP of Sioux Falls, we are dedicated to you and all your different accounting needs.

Contact Us

Capital Gains Rates—2018 and 2019

Sioux Falls Tax Accountants

Holding Period 2018 / 2019

12 months or less: 37% / 37%
More than 12 months: 20% / 20%
Depreciation recapture on real estate: 25% / 25%
Collectibles and certain small bus. stock: 28% / 28%
Qualified Dividend Income

  •    Filers in top tax bracket: 20% / 20%
  •    Filers in middle tax brackets: 15% / 15%
  •    Filers in lowest two tax brackets: 0% /  0%

Medicare surtax on investment income for higher-income filers: 3.8% / 3.8%

Standard Deduction 2018 / 2019

MFJ: $24,000 / $24,400

Single: $12,000 / $12,200

Head of Household: $18,000 / $18,350

MFS: $12,000 / $12,200

Additional Blind or Elderly 

  • Single: $1,600 / $1,650
  • Married: $1,300 / $1,300

Personal Exemptions 2018 / 2019

Deduction for each taxpayer spouse and dependent: $0/ $0



Retirement Plans 2018 / 2019

Type of Plan

IRA's: $5,500 / $6,000

Section 401(k): $18,500 / $19,000

Section 403(b): $18,500 / $19,000

Section 408(p)(2)(E) Simple: $12,500 / $13,000

Section 457(b)(2) limit: $18,500 / $19,000

Section 415 limit for

  • Defined contribution plans: $55,000 / $56,000
  • Defined benefit plans: $220,000 / $225,000

Highly compensated employees

  • Section 414(q): $120,000 / $125,000

Age 50 and over additional contributions

  • 401(k) type plans: $6,000 / $6,000
  • SIMPLE's: $3,000 / $3,000
  • IRA's: $1,000 / $1,000

Auditors and Accountants Sioux Falls

Standard Mileage Rates 2018 / 2019

Use

Business: .545 / .58

Charitable: .14 / .14

Medical and Moving: .18 / .20


All numbers are in cents per mil

Estate Tax 2018 / 2019

Estate tax exemption: $11,180,000 / $11,400,000

Applicable credit amount: N/A / N/A

Top Estate Tax Rate: 40% / 40%

Gift Tax 2018 / 2019

Lifetime gift tax exemption: $11,180,000 / $11,400,000

Annual gift tax exclusion

  •  Gifts per person: $15,000 / $15,000
  •  Joint gifts by spouse: $30,000 / $30,000

Top gift tax rate: 40% / 40%

Payroll Taxes 2018 / 2019

FICA taxable wage base

Social security 6.2% for employees and employers: $128,400 / $132,900

Medicare 1.45% for employees and employers: No limit / No limit
Additional Medicare employee portion for employees:  

  • Single paid in excess of $200,000: 0.9% / 0.9%
  • Married filing joint paid in excess of $250,000: 0.9% / 0.9%
  • Married filing separately paid in excess of $125,000: 0.9% / 0.9%

2019 Individual Income Tax Rates

Taxes Sioux Falls Accountant

Married Filing Joint

If taxable income is between:

$0 - $19,400: 10%

$19,401- $78,950: 12%

$78,951 - $168,400: 22%

$168,401 - $321,450: 24%

$321,451 - $408,200: 32%

$408,201 - $612,350: 35%

$612,351 and above: 37%

Married Filing Separately

If taxable income is between:

$0 - $9,700: 10%

$9,701 - $39,475:  12%

$39,476 - $84,200: 22%
$84,201 - $160,725: 24%

$160,726 - $204,100: 32% 

$204,101 - $306,175: 35%

$306,176 and above: 37%

Single

If taxable income is between:

$0 - $9,700: 10%

$9,701 - $39,475:  12%

$39,476 - $84,200: 22% 

$84,201 - $160,725: 24%

$160,726 - $204,100: 32% 

$204,101 - $510,300: 35%

$510,301 and above: 37%

Head of Household

If taxable income is between:

$0 - $13,850: 10%

$13,851 - $52,850:  12%

$52,851 - $84,200: 22% 

$84,201 - $160,700: 24%

$160,701 - $204,100: 32% 

$204,101 - $510,300: 35%

$510,301 and above: 37%

2019 Corporate Income Tax Rates

Tax Rates Accounting Sioux Falls

Corporations

All income levels are taxed at 21%.

2019 Roth IRA Contribution Phaseouts

Accounting Advisors Sioux Falls

Modified AGI (MAGI) phaseout ranges for ROTH contributions:

Married Filing Jointly: $193,000 - $202,999

Single, Head of Household: $122,000 - $136,999

Married Filing Separately: $1 - $9,999

2019 Traditional IRA DeductibilIty

Accounting Consultants Sioux Falls

Single, Head of Household: MAGI / Deduction

Not covered by qualified retirement plan:  Any amount / Full deduction 
Covered by qualified retirement  plan: 

  • $64,000 or less / Full deduction
  • $64,001 - $73,999 / Partial  deduction
  • $74,000 or more / No deduction

Married Filing Jointly

Neither spouse covered by qualified retirement plan: Any amount / Full deduction    

Both spouses covered by qualified  retirement plan:

  • $103,000 or less / Full deduction
  • $103,001 - $122,999 / Partial deduction
  • $123,000 or more / No deduction

One spouse covered - for covered  spouse:     

  • $103,000 or less / Full deduction
  • $103,001 - $122,999 / Partial deduction
  • $123,000 or more / No deduction

One spouse covered - for non-covered  spouse:      

  • $193,000 or less / Full deduction
  • $193,001 - $202,999 / Partial deduction                                   
  • $203,000 or more / No deduction