January 9, 2018

What’s New?

2019 Tax Year

 

Filing Requirements:

If you make OVER the amount listed below in your filing status, you are required to file a tax return.

Single (under age 65) – $12,200

Single (age 65 & over) – $13,850

Head of Household (under age 65) – $18,350

Head of Household (age 65 & over) – $20,000

Married Filing Joint (both spouses under 65) – $24,400

Married Filing Joint (one spouse age 65 & over) – $25,700

Married Filing Joint (both spouses age 65 & over) – $27,000

Married Filing Separate (any age) – $5

 

Qualified Business Income Deduction:

For Sole Proprietors, Partnerships, S-Corporations, Corporations, Farms and certain Rental businesses,

as of 2018, there is a potential income deduction of up to 20% of your business income.  This can be a HUGE

tax deduction and benefit, and extremely difficult to calculate.

 

New Tax Forms Again!!!

The new promised “post card sized” tax form for 2018, was not as simple as promised, so they have remade the forms again.

There are still additional schedules, as well as several new forms.

Let the experts help you navigate the continually changing tax law and multiple new forms.  We have trained diligently throughout the year to help

you with your tax needs.