New Year, New IRS Rates and Limits

Mileage Rate Changes This Year

Beginning on Jan. 1, 2015, the standard mileage rate for the use of a car (also vans, pickups or panel trucks) will be:

  • 57.5 cents per mile for business driven miles
  • 23 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Minimum Wage

The Illinois minimum wage for 2015 will stay at $8.25 per hour, while the Missouri minimum wage will increase from $7.50 per hour to $7.65.

IRS Limits

IRA contribution limits for retirement savings accounts, including contribution limits for 401(k), 403(b), and most 457 plans.

SEP Contributions

SEP Contribtuions are limited to 25% of wages, with a maximum contribution of $53,000 in 2015.

401(k), 403(b), and most 457 plans

Age 49 and under may contribute up to $18,000.  Age 50 and older may contribute an additional $6,000.

Simple IRA contribution limits

Age 49 and under may contribute up to $12,500.  Age 50 and older may contribute an additional $3,000.

Roth and Traditional IRA contribution limits

Age 49 and under may contribute up to $5,500 (must have employment compensation). Age 50 and older may contribute an additional $1,000.

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