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.
IRA contributions $6,000.00. Catch-up contributions for over 50 is $1,000.
2019 I.R.S. Updates
Mileage Rates
Business Miles - 58.0 cents / mile
Medical Miles - 20.0 cents / mile
Moving Miles - 18.0 cents / mile Moving expense only available to members of the Armed Forces
Charity Miles - 14.0 cents / mile
Medical Miles - 20.0 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 $ 12,200.
Married filing Jointly $ 24,400.
Head of Household $ 18,350.
Over 65 $ 1,300. each
blind $ 1,300.
Exemptions: $ -0- per person
Single or Married filing Separately $ 12,200.
Married filing Jointly $ 24,400.
Head of Household $ 18,350.
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 10% of your Adjusted Gross Income.
These deductions only exist if your annual expenses are over 10% of your Adjusted Gross Income.
IRS Filing Deadlines
Sub S Corporate Returns, Partnerships, and Extensions * March 16, 2020
Form 1040, Regular Corporate and Extensions * April 15, 2020
Corporate and Partnership with Extensions Due September 15, 2020
Form 1040 with Extensions Due October 15, 2020
* Any Taxes Owed Are Due With Extension Filing
Sub S Corporate Returns, Partnerships, and Extensions * March 16, 2020
Form 1040, Regular Corporate and Extensions * April 15, 2020
Corporate and Partnership with Extensions Due September 15, 2020
Form 1040 with Extensions Due October 15, 2020
* 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 $55,952.00.
To find your specific situation, click HERE and go to page 30.
EXAMPLE : For a married family with 3 or more children, the income maximum has been raised to $55,952.00.
To find your specific situation, click HERE and go to page 30.
Social Security and Medicare Rates
2020
SS - 6.2% of earned income on first $137,700.
MEDICARE - 1.459% of ALL earned income
ADDITIONAL MEDICARE OF .9% FOR WAGES OVER $200,000.
2020
SS - 6.2% of earned income on first $137,700.
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)
2019- No 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.
Fees for having NO healthcare plan (penalties)
2019- No 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
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