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Tax Planning For 2019

Beginning January 1, 2019, you can contribute up to $19,000.00 to your 401K or TSP account. Catch-up amount for over 50 401K etal $6,000.
 IRA contributions  $6,000.00.  Catch-up contributions for over 50  is $1,000.


2018  I.R.S. Updates

Mileage Rates 
Business Miles -   54.5  cents / mile  
Medical Miles -     18.0  cents / mile
Moving Miles -      18.0  cents / mile   Moving expense only available to members of the Armed Forces
Charity Miles -      14.0  cents / mile

Standard Deduction and Exemptions
Your Filing Status:                                           Your Standard Deduction :
      Single or Married filing Separately                         $ 12,000.
      Married filing Jointly                                               $ 24,000.
      Head of Household                                                $ 18,000.
      Over 65                                                                  $   1,300.   each
      blind                                                                       $   1,300.   
Exemptions:    $ -0-   per person

Medical and Dental Deductions   

These deductions only exist if your annual expenses are over 7.5% of your Adjusted Gross Income.

IRS Filing Deadlines

Sub S Corporate Returns, Partnerships, and Extensions *                                  March 15, 2019       
Form 1040, Regular Corporate and Extensions *                                                 April  15,  2019 
Corporate and Partnership with Extensions Due                                                  September 16, 2019
Form 1040 with Extensions Due                                                                           October 15, 2019

* Any Taxes Owed Are Due With Extension Filing

Earned Income Credit 

EXAMPLE : For a married family with 3 or more children, the income maximum has been raised to $53,930.00. 
To find your specific situation, click HERE and go to page 30.
Social Security and Medicare Rates

2019
SS -                       6.2%  of earned income on first $132,900.
MEDICARE -        1.459%  of ALL earned income
ADDITIONAL MEDICARE OF .9% FOR WAGES OVER $200,000.

Affordable Care Act  
Fees for having NO healthcare plan  (
penalties)
2014 - 1% of household income above filing thresholds. 
         ( about $10,000 for individuals and about $20,300 for married couple.)
          OR  $95 per adult and $47.50 per child under 18. Whichever is MORE.  

2015 -  2% of household income above filing thresholds.
          OR  $325 per adult and $162.50 per child under 18. Whichever is MORE.


2016 - 2.5% of household income above filing thresholds
           OR  $695.00 per person. Whichever is MORE.


You can view the IRS publication for Health Care Law by clicking the link.

State   Taxes

Click on the following links to get to your State Information.

ALABAMA              GEORGIA              MAINE                       * NEVADA                     OKLAHOMA                        UTAH
*ALASKA                HAWAII                 MARYLAND              ** NEW HAMPSHIRE       OREGON                           VERMONT                                  
ARIZONA                 IDAHO                 MASSACHUSETTS      NEW JERSEY               PENNSYLVANIA                 VIRGINIA
ARKANSAS             ILLINOIS               MICHIGAN                  NEW MEXICO                RHODE ISLAND                * WASHINGTON
CALIFORNIA            INDIANA               MINNESOTA               NEW YORK                   SOUTH CAROLINA             WASHINGTON, D.C.
COLORADO             IOWA                   MISSISSIPPI               NORTH CAROLINA        * SOUTH DAKOTA              WEST VIRGINIA
CONNECTICUT         KANSAS              MISSOURI                   NORTH DAKOTA         ** TENNESSEE                    WISCONSIN
DELAWARE             KENTUCKY          MONTANA                  OHIO                             * TEXAS                            * WYOMING
* FLORIDA                LOUISIANA          NEBRASKA  

*    NO STATE SALES TAX
**   INTEREST AND DIVIDEND TAX ONLY    
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