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2019 Tax Support For Individuals, Couples, & Small Business

What is New Year Tax Impact to Individuals, Couples, and Small Business.

Individual Taxes

For tax year 2019, the adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit is $116,000, up from $114,000 for tax year 2018.

Estate Tax

Estates of decedents who die during 2019 have a basic exclusion amount of $11,400,000, up from a total of $11,180,000 for estates of decedents who died in 2018.

Standard Deductions

The standard deduction for married filing jointly rises to $24,400 for tax year 2019, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200, and for heads of households, the standard deduction will be $18,350 for tax year 2019, up $350

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Health Flexible Spending Account

For the taxable years beginning in 2019, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements is $2,700, up $50 from the limit for 2018.

Warns Public About SSA Scam

The acting Inspector General of Social Security, Gale Stallworth Stone, is warning citizens about an ongoing caller ID “spoofing” scheme misusing the Social Security Administration’s (SSA) national customer service phone number. SSA has received numerous reports of questionable phone calls displaying SSA’s 1-800 number on a caller ID screen. This is a scam; citizens should not engage with those calls or provide any personal information.

Capital Gains

Capital gains rates will not change for 2019. However, the break points for the rates will change. IRS Tax anticipates that the maximum zero rate amounts and maximum 15% rate amounts will break down as follows: 

Tax Bracekt Frequently Asked Questions