Resources
2011 and 2012 Tax-related requirements (click on the links for a complete description)
Standard business mileage rate is 55.5 cents/mile for 2012.
http://www.irs.gov/newsroom/article/0,,id=250882,00.html
401k maximum employee contribution is $ 17,000 for 2012 (+ $ 5,500 catch-up contribution for age 50 and over); combined employee/employer contribution limit is $ 50,000 (+ $ 5,500 catch-up contribution for age 50 and over).
http://www.irs.gov/retirement/participant/article/0,,id=151786,00.html
SIMPLE IRA maximum employee contribution is $ 11,500 for both 2012 and 2011 (+ $ 2,500 catch-up contribution for age 50 and over).
http://www.irs.gov/retirement/participant/article/0,,id=211345,00.html
Roth IRA accounts can be opened in addition to retirement plans if you meet the criteria described on the following link. Contributions to all IRA and retirement plans for the working year can be made at any time during the year up to the filing date of your return, or April 15th of the following year.
http://www.irs.gov/publications/p590/ch02.html#en_US_2010_publink1000253532
Domestic Production Activity Deduction percentage is 9% for 2012.
http://www.irs.gov/businesses/article/0,,id=164979,00.html
Section 179 expense deduction is $ 500,000 for 2011. Also, for 2011, there are special rules for qualfied section 179 real property such as leasehold improvements.
http://www.irs.gov/pub/irs-pdf/i4562.pdf
Social security wage base limit is $ 110,100 for 2012.
http://www.irs.gov/publications/p926/ar01.html
W-2 forms must be furnished to employees by 1/31/2012; 1099 Misc forms to vendors by 1/31/2012. However, W-2/W-3 and 1099 Misc/1096 must be filed with the Social Security Administration and to IRS respectively by 2/28/2012 (if electronically filing, the due date is extended to 4/2/2012).
http://www.irs.gov/efile/article/0,,id=98114,00.html
http://www.irs.gov/pub/irs-pdf/iw2w3.pdf