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Business Planning




Adoption Assistance Programs

Adoption assistance

2024

2025

Maximum amount that can be excluded from employee's gross income

$16,810

$17,280

Phaseout threshold amount

$252,150

$259,190

Completed phaseout amount after

$292,150

$299,190

Earnings subject to FICA taxes (taxable wage base)

FICA tax

2024

2025

Maximum annual earnings subject to Social Security taxes

$168,600

$176,100

Social Security and Medicare combined tax rate

15.3%

15.3%

OASDI portion (Social Security)

12.40%

12.40%

Hospital Insurance portion (Medicare)

2.9%

2.9%

Health insurance deduction for self-employed

Health insurance premiums

2024

2025

Deduction for health insurance premiums paid by self-employed persons

100%

100%

Qualified transportation fringe benefits

Qualified transportation fringe benefits

2024

2025

Commuter vehicles and transit pass monthly exclusion amount

$315

$325

Qualified parking monthly exclusion amount

$315

$325

Qualified bicycle commuting reimbursement fringe benefit (monthly amount)

N/A

N/A

Section 179 expensing

Section 179 expensing

2024

2025

Maximum amount that may be deducted under IRC Section 179

$1,220,000

$1,250,000

Deduction reduced by the amount by which the cost of §179 property placed in service during the year exceeds this amount

$3,050,000

$3,130,000

Small business tax credit for providing health-care coverage

Amount of credit

2024

2025

Maximum credit percentage

50%

50%

Partial credit

2024

2025

Number of full-time equivalent employees (FTEs) fewer than:

25

25

Maximum average annual wages less than:

$64,800

$66,600

Full credit

2024

2025

Number of full-time equivalent employees (FTEs) no more than:

10

10

Maximum average annual wages less than or equal to:

$32,400

$33,300

Special additional first-year depreciation allowance

Bonus depreciation

2024

2025

"Bonus" depreciation for qualified property acquired and placed in service during specified time periods

60%

40%

Standard mileage rate (per mile)

Business use of auto

2024

2025

Use of auto for business purposes

$0.67

0.70

 To learn more about what this means for your business, contact MNM Vested, LLC

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