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Douglas Corey & Associates, P.C.
is a full service certified public accounting firm, serving the tax and financial needs of small businesses, non-profit organizations and individuals in the Washington, D.C. metropolitan area.
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This site was created and is maintained by GARON, Inc
©1996 GARON, Inc. on behalf of Douglas Corey & Associates, P.C. All Rights Reserved
In 1990, after 7 years with a medium sized Washington, D.C. area accounting firm, Doug Corey started
the accounting firm known today as Douglas Corey & Associates, P.C. Our firm has grown from a one man shop to a full service firm with four full time associates and three part-timers.
Doug has over twenty years of experience, with an emphasis on income taxation. Our firm's clients are predominantly
small businesses in the real estate and services industries, as well as nonprofit organizations. Our firm offers a full range of services, from audits to tax preparation.
From Route 395:
Take Little River Turnpike (Route 236) West approximately 1.5 miles. After the traffic light at Braddock Road, take next left into building parking lot.
From Beltway:
Take Little River Turnpike East approximately 3 miles. After passing Campbell-Ferrara Nursery on your right, take a right into building parking lot.
Accounting System Setup Business Acquisition Consulting
Choice of Entity Registrations and Acquisitions of ID#'s
2009 2010
Business: 55.0 cents per mile 50.0 cents per mile
Charitable: 14.0 cents per mile 14.0 cents per mile
Medical: 24.0 cents per mile 16.5 cents per mile
Moving: 24.0 cents per mile 16.5 cents per mile
2009 2010
Employer and employee social security rate: 6.2% 6.2%
Self employed social security rate: 12.4% 12.4%
Social security wage ceiling: $106,800 $106,800
Employer and employee Medicare rate: 1.45% 1.45%
Self employed Medicare rate: 2.9% 2.9%
Medicare ceiling: None None
Social Security Earnings Limits
Below Age 65: $14,160 $14,160
Age 65 and over: None None
2009 2010
Maximum elective salary
deferral for 401(k) plans $16,500 $16,500
Maximum salary reduction
for simple plans$11,500 $11,500
Maximum contribution for
defined contribution plans$49,000 $49,000
Annual compensation limit on
which plan contributions are based$245,000 $245,000
Maximum annual benefit
under defined benefit plan$195,000 $195,000
Maximum IRA Contribution
$5,000 $5,000
Maximum IRA "Catchup Contribution"
for taxpayer 50 or older$1,000 $1,000 Maximum 401K "Catchup Contribution"
for taxpayer 50 or older$5,500 $5,500
Maximum SIMPLE "Catchup Contribution"
for taxpayer 50 or older$2,500 $2,500
Credits Maximum
CreditPhase-Out
Child under 17
$1,000
Starts at $110,000 (Joint)
Starts at $75,000 (Single)
Education - Lifetime Learning Credit
$2,000
$100,000 - $120,000 (Joint)
$50,000 - $60,000 (Single)
Education - Hope Credit
$1,800
$100,000 - $120,000 (Joint)
$50,000 - $60,000 (Single)
Education - American Opportunity Credit
$2,500
$160,000 - $180,000 (Joint)
$80,000 - $90,000(Single)
1st Time Home Buyer Credit
Jan 1, 2009 - Nov 6, 2009 $8,000 $150,000 - $170,000 (Joint)
$75,000 - $95,000 (Single)
Nov 6, 2009 - Apr 30, 2010 $8,000 $225,000 - $245,000 (Joint)
$125,000 - $145,000 (Single)
Repeat Home Buyer Credit
Nov 6, 2009 - April 30, 2010 $6,500 $225,000 - $245,000 (Joint)
$125,000 - $145,000 (Single)
1st Time DC home buyer
$5,000
$110,000 - $130,000 (Joint)
$70,000 - $90,000 (Single)
Adoption Credit
2009 - $12,150
2010 - $12,170
$182,180 - $222,180
$182,520 - $222,520
Deductions/Other Maximum
AmountPhase-Out
Student loan interest deduction
$2,500
$120,000 - $150,000 (Joint)
$60,000 - $75,000 (Single)
Roth IRA contribution
$5,000
$167,000 - $177,000 (Joint)
$105,000 - $120,000 (Single)
Roth IRA conversion
N/A
$100,000 - 2009
no limit - 2010
Education IRA contribution
$2,000
$190,000 - $220,000 (Joint)
$ 95,000 - $110,000 (Single)
Active Rental Real Estate Deduction
$25,000
$100,000 - $150,000
"Section 179"
asset expense limit
2010: $134,000
2009: $133,000
2010 -
$530,000 of property
2009 -
$530,000 of property
Single Individuals
2010 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 8,375
8,375 ----- 34,000
34,000 ----- 82,400
82,400 ----- 171,850
171,850 ----- 373,650
373,650 ----- ............$ 0
837.50
4,681.25
16,781.25
41,827.25
108,421.25 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
8,375
34,000
82,400
171,850
373,650
2009 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 8,350
8,350 ----- 33,950
33,950 ----- 82,250
82,250 ----- 171,550
171,550 ----- 372,950
372,950 ----- ............$ 0
835.00
4,675.00
16,750.00
41,754.00
108,216.00 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
8,350
33,950
82,250
171,550
372,950
Married Filing Jointly and Surviving Spouses
2010 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 16,750
16,750 ----- 68,000
68,000 ----- 137,300
137,300 ----- 209,250
209,250 ----- 373,650
373,650 ----- ............$ 0
1,675.00
9,362.50
26,687.50
46,833.50
101,085.50 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
16,750
68,000
137,300
209,250
373,650
2009 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 16,700
16,700 ----- 67,900
67,900 ----- 137,050
137,050 ----- 208,850
208,850 ----- 372,950
372,950 ----- ............$ 0
1,670.00
9,350.00
26,637.50
46,741.50
100,894.50 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
16,700
67,900
137,050
208,850
372,950
Married Individuals Filing Separately
2010 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 8,375
8,375 ----- 34,000
34,000 ----- 68,650
68,650 ----- 104,625
104,625 ----- 186,825
186,825 ----- ............$ 0
837.50
4,681.25
13,343.75
23,416.75
50,542.75 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
8,375
34,000
68,650
104,625
186,825
2009 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 8,350
8,350 ----- 33,950
33,950 ----- 68,525
68,525 ----- 104,425
104,425 ----- 186,475
186,475 ----- ............$ 0
835.00
4,675.00
13,318.75
23,370.75
50,447.25 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
8,350
33,950
68,525
104,425
186,475
Heads of Households
2010 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 11,950
11,950 ----- 45,550
45,550 ----- 117,650
117,650 ----- 190,550
190,550 ----- 373,650
373,650 ----- ............$ 0
1,195.00
6,235.00
24,260.00
44,672.00
105,095.00 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
11,950
45,550
117,650
190,550
373,650
2009 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 11,950
11,950 ----- 45,500
45,500 ----- 117,450
117,450 ----- 190,200
190,200 ----- 372,950
372,950 ----- ............$ 0
1,195.00
6,227.50
24,215.00
44,585.00
104,892.50 10.0 %
15.0
25.0
28.0
33.0
35.0 $ 0
11,950
45,500
117,450
190,200
372,950
Estates and Nongrantor Trusts
2010 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 2,300
2,300 ----- 5,350
5,350 ----- 8,200
8,200 ----- 11,200
11,200 ----- ............$ 0
345.00
1,107.50
1,905.50
2,895.50 15.0
25.0
28.0
33.0
35.0 $ 0
2,300
5,350
8,200
11,200
2009 Taxable Income of the But Not
Over OverPay % on
+ Excess amount
over---$ 0 ----- $ 2,300
2,300 ----- 5,350
5,350 ----- 8,200
8,200 ----- 11,150
11,150 ----- ............$ 0
345.00
1,107.50
1,905.50
2,879.00 15.0
25.0
28.0
33.0
35.0 $ 0
2,300
5,350
8,200
11,150