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Employers can contribute up to a quarter of the salaries that each employee earns (25%)up to an annual maximum limit. For 2017, that maximum will be $54,000, up $1,000 from its 2016 level. That's the first rise in the SEP IRA limit since 2015,
For self-employed. the 25% refers to the self-employed worker's "net earnings" from the business. The net result of the math is that the 25% limitation on "net earnings" works out to 20% of your adjusted profit after the self-employment tax adjustment

In 2016, The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts remains at $12,500.
In 2015,the limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts increased from $12,000 to $12,500.

In 2016, the deduction for taxpayers making contributions to a traditional IRA is $5,500 with a over 50 years of age catch up amount of $1,000.
It is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000,
For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000,
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $184,000 and $194,000,
For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179. The 2014 maximum deduction is $25,000 with a $200,000 Investment based ceiling. The 179 deduction for any taxable year may not exceed the taxpayer's aggregate income from the active conduct of trade or business by the taxpayer for that year. The 2013 maximum deduction was $500,000 with a $2,000,000 Investment based ceiling

Section 179 limits are now locked-in by the Protecting Americans from Tax Hikes Act of 2015 which allows businesses to write-off up to $500,000 of qualified equipment each year.
If you elect to expense section 179 property, you must reduce the amount on which you figure your depreciation or amortization deduction (including any special depreciation allowance) by the section 179 expense deduction.
You may elect to deduct all or part of the cost of certain qualifying property in the year you place the asset in service as opposed to recovering the cost over the assets useful life(depreciation). This choice is called a Section 179 Election.
Any disallowed amount in the current year may be carried over to future years.
The 179 deduction is reportable on IRS Form 4562. You can elect to expense part or all (up to $500,000) of the cost of section 179 property that you placed in service during the tax year and used predominantly (more than 50%) in your trade or business.

Section 179 limits are now locked-in by the Protecting Americans from Tax Hikes Act of 2015 which allows businesses to write-off up to $500,000 of qualified equipment each year.
If you elect to expense section 179 property, you must reduce the amount on which you figure your depreciation or amortization deduction (including any special depreciation allowance) by the section 179 expense deduction.
You may elect to deduct all or part of the cost of certain qualifying property in the year you place the asset in service as opposed to recovering the cost over the assets useful life(depreciation). This choice is called a Section 179 Election.
Any disallowed amount in the current year may be carried over to future years.
The 179 deduction is reportable on IRS Form 4562. You can elect to expense part or all (up to $500,000) of the cost of section 179 property that you placed in service during the tax year and used predominantly (more than 50%) in your trade or business.

There are higher annual "luxury automobile" depreciation limitations for vans and trucks than for other passenger automobiles. For this purpose, “vans and trucks” are passenger automobiles that are built on a truck chassis, including minivans and sport utility vehicles that are built on a truck chassis.

The current tax law sets a specific annual dollar limitation (adjusted each year for inflation) on the amount of depreciation allowed for any "passenger automobile". generally referred to as the "luxury automobile" limitations.
The limitations apply to four-wheeled vehicles that are manufactured primarily for use on public streets, roads, and highways, and that are rated at 6,000 pounds gross vehicle weight (GVW) or less (except for trucks and vans, a vehicle's "unloaded" GVW rating is used).

For trucks and vans, the limit is $3,560 for the first tax year, $5,700 ($5,600 if in 2015) the second year, $3,350 the third year and $1,975 each successive year.
If placed in service between 2010 and 2012 then the allowed amount is $1,875. If placed in service in 2009 then the allowed amount is $1,775. If placed in service between 2004 and 2008 then the allowed amount is $1,875.

In 2016, for passenger automobiles, the limits are $5,100 for the second tax year; $3,050 for the third tax year; and $1,875 for each successive tax year,
If placed in service between 2006 and 2011 then the allowed amount is $1,775. If placed in service between 2004 and 2005 then the allowed amount is $1,675.