Jump to content

2018 and 2019 Tax Facts

Newsletter Signup

Newsletter Signup

Please enter your name and email address below to sign up for our newsletters.

2018 and 2019 Tax Facts

 A few changes that will certainly be impacting many businesses and individuals.

Standard Mileage Rate for 2018 and 2019

2018 and 2019 Retirement Contributions

Social Security Wage Limit 


Retirement Account Changes

The U.S. Internal Revenue Service (IRS)  announced cost-of-living adjustments (COLAs) affecting dollar limits for defined contribution and defined benefit retirement plans and other retirement-related items for tax year 2018. Many plan limits on contributions and benefits will increase in 2019.

Below are the key changes effective Jan. 1, 2019 and expiring 2018 limits.




Employee Elective Deferrals 401(k) and 403(b); not including adjustments and catch-ups)



Employee  Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans



SIMPLE Retirement Accounts



SIMPLE Employee  Catch-Up Deferrals



Defined Benefit Plans



Defined Contribution Plans



Annual Compensation Limits



Individual Retirement Accounts ("IRAs"), for individuals 49 and below



Individual Retirement Accounts ("IRAs"), for individuals 50 and above






Standard Mileage Rates for 2018 and 2019

The Internal Revenue Service optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 








Standard cents per mile



Medical or Moving cents per mile



Charitible cents per mile





 Social Security wage base increase. 

The 2019 amount of wages or earnings subject to Social Security tax  $132,900 up from $128,400.


© Copyright 2005 - 2019 The Phillips Organization. All rights reserved.