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Archive for the ‘2019 Tax Season’ Category.

These summer activities can affect next year’s tax returns

The IRS as usual at this time of the year with summer over wants to remind us with Tax tip 2019-107 about what to do if we get married, how to change our address, tips on deducting child camp costs and working part time. Summertime activities often affect the tax returns people file the...

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Tax reform brought significant changes to itemized deductions

How the TCJA 2017 act severely limited Itemized Deductions starting on January 1, 2018, while eliminating the phaseout entirely.  Gone are unreimbursed employee expenses, investment expenses and personal casualty & theft losses unless the casualty is declared a federal disaster area b...

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IRS issues standard mileage rates for 2019

The IRS announced the 2019 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitab...

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Social Security Wage Base Set For 2019

Here we go the IRS announces the Federally indexed Social Security Wages base for 2019, both OASDI and Medicare which has no wage base limit. The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance ...

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IRS Provides Tax Inflation Adjustments for Tax Year 2019

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusi...

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401(k) Contribution Limit Increases to $19,000 for 2019; IRA Limit Increases to $6,000

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and Defined Contribution Plans. The Internal ...

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