Standard Deductions 2010 2009
  Joint Or Qualifying Widow(er) $11,400 $11,400
  Single $5,700 $5,700
  Head Of Household $8,400 $8,350
  Married Filing Separately $5,700 $5,700
  Additional For Elderly/Blind Married $1,100 $1,100
  Additional For Elderly/Blind Unmarried $1,400 $1,400
  Taxpayer Claimed As Dependent (with    
      only unearned income)
$950 $950
Personal/Dependent Exemption $3,650 $3,650
Unearned Income Without Kiddie Tax $1,900 $1,900
Beginning/Ending Of Personal Exemption
  Phaseout Range - Based  On AGI
  Joint Or Qualifying Widow(er)

No limit for 2010

$250,200\372,700
  Single

No limit for 2010

$166,800\289,300
  Head Of Household

No limit for 2010

$208,500\331,000
  Married Filing Separate

No limit for 2010

$125,000\186,350
Beginning of Itemized Deduction on
  Phaseout Range - Based on AGI
  Joint, Single, Head of Household

No limit for 2010

$166,800
  Married Filing Separately

No limit for 2010

$83,400
FICA/SE Tax Information
  FICA/SE Taxable Maximum Earnings $106,800 $106,800

  FICA Tax Rate (Employee)

6.2% 6.2%
  SE Tax Rate 12.4% 12.4%
Medicare/SE Tax Information

  Taxable Maximum Earnings

Unlimited Unlimited
  Medicare Tax Rate (Employee) 1.45% 1.45%
  SE Tax Rate 2.90% 2.90%
Auto Standard Mileage Allowances
   Business      $0.50 $0.55
   Charity Work $0.14 $0.14
   Medical/Moving $0.165 $0.24
Earnings Ceiling For Social Security
   Below Age 65 $14,160 $14,160
   Age 65-69 Unlimited Unlimited
   Age 70 and Above Unlimited Unlimited
Federal Minimum Wage           $7.25 Jan.-July 24 $6.55   
Federal Minimum Wage - After July 25  $7.25
Ohio Minimum Wage $7.30 $7.30
 
IRC Section 179 Expense
Election
$134,000 $250,000

RECORD RETENTION GUIDELINES

RECORDS RETENTION PERIODS
Tax Returns Permanent
Tax Return Supporting Documentation *6 years
Tax and Legal Correspondence Permanent
Audit Reports Permanent
Financial Statements Permanent
General Ledger and Journals *6 years
Depreciation Schedules Life of Asset, Plus 3 Years
Inventory Records *3 Years
LIFO Inventory Records Permanent
Daily Sales Records *3 Years
Paid Vendor Invoices *3 Years
Bank Statements, Deposit Slips,
  Cancelled Checks
*6 Years
Payroll Records *5 Years
Contracts and Leases Permanent
Real Estate Records Permanent
Corporate Stock
  Records, Charter &
  By-laws
Permanent
Minutes of meetings Life of Company

*From tax return due date or filing date, plus any amended returns, whichever is later