A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions. Section 179 expensing:Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain limits on the Sec. 199A qualified business income deduction:Married filing jointly: $321,400-$421,400 (up from $315,000-$415,000) Married filing separately: $160,725-$210,725 (up from $157,500-$207,500) Other filers: $160,700-$210,700 (up from $157,500-$207,500) Retirement plans. Employee contributions to 401(k) plans: $19,000 (up from $18,500) Catch-up contributions to 401(k) plans: $6,000 (no change) Employee contributions to SIMPLEs: $13,000 (up from $12,500) Catch-up contributions to SIMPLEs: $3,000 (no change) Combined employer/employee contributions to defined contribution plans (not including catch-ups): $56,000 (up from $55,000) Maximum compensation used to determine contributions: $280,000 (up from $275,000) Annual benefit for defined benefit plans: $225,000 (up from $220,000) Compensation defining “highly compensated employee”: $125,000 (up from $120,000) Compensation defining “key employee”: $180,000 (up from $175,000) Other employee benefits. Qualified transportation fringe-benefits employee income exclusion: $265 per month (up from $260) Health Savings Account contributions:Individual coverage: $3,500 (up from $3,450) Family coverage: $7,000 (up from $6,900) Catch-up contribution: $1,000 (no change) Flexible Spending Account contributions:Health care: $2,700 (up from $2,650) Dependent care: $5,000 (no change) Additional rules apply to these limits, and they are only some of the limits that may affect your business. Please contact us for more information. © 2019